Jump of inflation in Spain to 1.4% year-on-year in December – Teletrece

AFP

The consumer prices in Spain decreased by 1.4% year-on-year in December, pushed by the rise in fuel prices, according to provisional figures provided on Friday by the National Statistics Institute (INE).

In November, the consumer price index-harmonized (HICP) increased by 0.5%, as in October, when it recovered for the first time since may of 2014.

The rise of net of December it is explained “by the increase in the prices of the fuels (diesel and gasoline) compared to the drop experienced last year,” said INE in its press release.

From may 2014 to October 2016, the HICP recorded no increase in Spain, the fourth economy of the euro zone.

In the euro area, inflation accelerated slightly in November (+0.6 per cent year-on-year), according to the latest data available from Eurostat.

The president of the European Central Bank (ECB), Mario Draghi, estimated at the end of November that the inflation rate in the euro area should be close to 2% in 2018-19.

The ECB tries from two years ago to encourage the prices to a level that it considers beneficial for economic activity.