MADRID (AFP) – Spanish inflation in December climbed to its highest level since July and drifted further from the eurozone target as fuel prices rose, preliminary official data showed.
Consumer prices in the European Union’s fourth-largest economy rose 2.8 per cent on an annual basis, up from 2.4 per cent in November, the National Statistics Institute said.
The increase was “mainly” attributable to more expensive fuel costs and “to a lesser extent” rising prices in leisure and culture, it added.
December’s figure was the highest since July, when annual inflation also hit 2.8 per cent, and marked the third consecutive monthly increase.
The European Central Bank has set a longstanding target of 2.0 per cent for the eurozone and cut interest rates earlier this month, citing a slowdown in inflation.
