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Spain inflation highest in 2 years

Mon 31st Jan 2011

Spain's yearly inflation rate has now reached it's highest point in more than 2 years, figures released today showed. The INE - National Office of Statistics - recorded a rate of 3.0% for the month of January.

The rate increased 0.1% from 2.9% in December and was attributed to higher food, soft drink and electricity prices which all added to an escalating cost of living.

3.0% represents the highest inflation rate reached seen since October 2008 when prices climbed 3.6% annually, at that time dominated by time by climbing fuel costs. This time round inflation is driven largely by rising food and energy costs, with prices on the rise across most of Europe. This is expected to influence the tone of events when the ECB next meet on Thursday to discuss interest rates.

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