Spain’s consumer price inflation grew at the fastest rate in more than four years in May, as initially estimated, final data from the statistical office INE showed on Friday.

Consumer price inflation rose to 2.7 percent in May, in line with flash estimate, from 2.2 percent in April. This was the highest rate since February 2017, when the rate was 3 percent.

Underlying inflation came in at 0.2 percent after staying flat in the previous month. The core rate also matched preliminary estimate published on May 31.

Cost of transportation increased 9.4 percent and food and non-alcoholic beverages prices gained 0.8 percent. Meanwhile, communication cost dropped 4.5 percent.

On a monthly basis, consumer prices advanced 0.5 percent after rising 1.2 percent in April. The May rate was revised up slightly from 0.4 percent.

EU harmonized inflation advanced to 2.4 percent from 2 percent. Month-on-month, the harmonized index of consumer prices was up 0.5 percent. Both annual and monthly HICP rates matched the flash estimate published earlier.

The material has been provided by InstaForex Company – www.instaforex.com

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