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Spain: Unexpected acceleration of inflation to 8.7% in May

Annual inflation in Spain jumped to 8.7% in May from 8.3% the previous month, according to preliminary data released by the country’s statistical office (INE).

The measurement moved significantly higher than the average estimate of analysts in a Reuters survey, who expected that the consumer price index in the country would remain unchanged at 8.3%.

At the same time, the structural index, which does not include highly volatile food and energy prices, also rose to 4.9% year-on-year from 4.4% a month earlier, according to INE data.

This is the highest measure of structural inflation in the last 27 years, since 1995.

At European Union harmonized prices, inflation in Spain stood at 8.5% year-on-year, up from 8.3% a month earlier.

On a monthly basis, consumer prices in Spain increased by 0.8% according to the national measurement and by 0.7% in the harmonized one.

Source: Capital

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