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December figures show Spanish inflation accelerates

Fri 14th Jan 2011

The month of December brought a 3% increase in consumer price inflation from 2.3% in November - ahead of the 2.9% prediction - the National statistics office (INE) said in a report published earlier today.

Core annual inflation also increased last month, from 1.2% to 1.5%. At the same time, EU harmonized inflation was 2.9%, in line with the initial estimate. The indicator had increased by 2.2% in November.

Annual inflation for the Euro area as a whole increased to 2.2% in December, surpassing the ECB's target for the first time in over two years. The INE is expected to confirm the preliminary figures released in the report for December later today. The Bank aims to keep inflation below, but as close to the 2% mark as possible in the medium term.

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