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Spanish Inflation for May slows as cost of oil falls

Source: Bloomberg - Fri 24th Jun 2011

Spanish producer-price inflation slowed in May as energy costs declined.

Prices of goods leaving Spain's factories, mines and refineries rose 6.7% from a year earlier after gaining an annual 7.3% in April, the National Statistics Institute in Madrid said today. From the previous month, prices dropped 0.3% after increasing 0.6% in April.

Crude-oil prices have dropped 20% from a peak on April 29. They are still 20% higher than a year ago, stoking inflation across Europe. The European Central Bank raised borrowing costs for the first time in almost 3 years in April and policy makers have indicated more increases may follow as the euro-area inflation rate holds above the bank's 2% limit.

Consumer-price inflation in Spain, at 3.4% in May, is higher than the euro-region average of 2.7%, even as the economy struggles to emerge from an almost 2 year recession.

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