Spain Inflation Rises In May

Spain’s consumer price inflation accelerated in May largely due to the rise in electricity prices, flash data from the statistical office INE showed on Thursday.

The consumer price index registered an annual increase of 3.6 percent after climbing 3.3 percent in April. But the rate was slower than economists’ forecast of 3.7 percent.

Meanwhile, EU harmonized inflation accelerated more-than-expected to 3.8 percent in May from 3.4 percent in the prior month. Inflation was seen at 3.7 percent.

Core inflation that excludes prices of unprocessed food and energy rose marginally to 3.0 percent from 2.9 percent in April.

Overall inflation increased in May mainly due to the rise in electricity prices and also reflects a slower decline in fuel prices.

On a monthly basis, the consumer price index rose at a slower pace of 0.3 percent, in line with expectations, after April’s 0.7 percent increase.

The harmonized index of consumer prices gained only 0.2 percent, as expected, following a 0.6 percent rise in April. Final data for May is due on June 13.

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