Spain’s consumer price inflation accelerated in July, after remaining unchanged in the previous month, preliminary data from the statistical office INE showed Thursday.
The consumer price index rose 2.9 percent year-on-year following a 2.7 percent increase in each of the previous two months. Economists had expected inflation to slow to 2.6 percent.
Core inflation, which excludes prices of energy and fresh food, climbed to 0.6 percent from 0.2 percent.
Compared to the previous month, the CPI dropped 0.7 percent in July, which was the first fall in five months. In May and June, prices rose 0.5 percent each. Economists had forecast a 0.4 percent increase for July.
The harmonized index of consumer prices, or HICP, rose 2.9 percent year-on-year in July after a 2.5 percent increase in the previous month. That was in line with economists’ expectations.
On a month-on-month basis, the HICP dropped 1.2 percent in July.