Spain’s CPI inflation rises to 3-month high of 3.3%

Annual consumer price inflation in Spain has picked up to 3.3% in April from 3.2% in March, a preliminary figure showed on Monday.

It has been the highest CPI inflation rate since January, but it was reported below market consensus of 3.4%.

The CPI acceleration was mostly attributed to a surge in gas prices, which contrasted with a drop in April last year, as well as to higher food prices that exceeded last April’s levels.

Meanwhile, prices of electricity dropped in April, though the pace was not as steep as in April 2023.

Spain’s annual core inflation rate, which excludes volatile categories such as food and energy, eased to 2.9% in April from 3.3% in March, data by the National Statistics Institute showed. It has been the lowest core inflation rate since January 2022.

In monthly terms, consumer prices in the country went up 0.7% in April, following a 0.8% increase in the preceding month.

The Euro was 0.13% firmer on the day against the US Dollar, with the EUR/USD currency pair last trading at 1.0704.