Data published by the National Statistics Institute (INE) showed that in February consumer prices rose by 6% per annum after an increase of 5.9% per annum in January. The latest increase was the strongest since November 2022, but weaker than experts' forecasts (+6.1%). In addition, INE said that price growth has accelerated for the third month in a row.
On a monthly basis, consumer prices rose by 0.9%, offsetting a 0.2% decline in January. This was the sharpest price increase since June 2022. Consensus estimates suggested an increase of 1%.
The data also showed that the core CPI - excluding volatile items such as unprocessed food and energy - rose by 7.6% per annum - the highest since the end of 1986 - after an increase of 7.5% per annum in January.
Meanwhile, in February, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - grew by 0.9% on a monthly basis and by 6% per annum. In January, HICP fell by 0.4% for the month and grew by 5.9% per annum.