A service station in the Spanish town of Les, on the French-Spanish border, Purchasing power, inflation. File Picture: Serge Tenani / Hans Lucas / Hans Lucas / AFP
Spanish inflation rose in November at the fastest rate since August due mainly to higher fuel and electricity prices, preliminary official data showed Thursday.
Consumer prices rose 2.4 percent on an annual basis, up from 1.8 percent in October, national statistics office INE said in a statement.
"This development is mainly due to the increase in electricity and fuel prices, compared with the decrease in November last year," the statement said.
Inflation had slowed to 1.5 percent in September after reaching 2.3 percent in August.
Spanish inflation hit a record 10.8 percent in July 2022, its highest level since 1985 as Russia's invasion of Ukraine sent consumer prices soaring, but it has since eased.
European Central Bank (ECB) vice president Luis de Guindos, a former Spanish economy minister, said last month that inflation was on the "right track" in Spain and the rest of the eurozone.
But he warned during a speech in Madrid that "the outlook, however, is surrounded by substantial risks".
"The geopolitical situation, especially the conflict in the Middle East and Russia's war against Ukraine, poses a particular upside risk to inflation. Heightened geopolitical tensions could push energy prices and freight costs higher in the near term and disrupt global trade," he said.
The Bank of Spain forecasts inflation should remain close to 2.0 percent despite possible ups and downs in the coming months.
AFP