FX.co ★ Spain Inflation Rises To 3.3%, Less Than Forecast

Spain's consumer price inflation reportedly increased marginally in April, hitting a three-month peak, according to a preliminary estimate by the National Institute of Statistics (INE). The rise in inflation was less than projected, with an uptick to 3.3% from March's 3.2%, while expectations were for inflation to reach 3.4%.

This inflation increase is principally attributed to escalating gas and food prices, as per the INE. Simultaneously, the inflation rate, when harmonized with the European Union standards, also grew to 3.4% in April from 3.3% the previous month.

Conversely, the underlying consumer price inflation, which excludes volatile prices like food and energy, experienced a mild drop to 2.9% from 3.3%. The consumer price index rose by 0.7% in a month-to-month comparison for April, a decrease from the 0.8% increment observed in March. The Harmonised Index of Consumer Prices (HICP) recorded an increase of 0.6% in the same period.