Spain's inflation rate rises in August as fuel rises

Spain's inflation rose year-on-year to 2.6% in August from 2.3% in July, national statistics institute INE said, and core inflation, which excludes volatile food and energy prices, was 6.1% in the 12 months to August from 6.2% in July.

The National Institute of Statistics explained that the annual increase in the inflation rate is mainly due to the rise in the prices of fuel and lubricants compared to the decline witnessed in August 2022.

The data showed that the EU harmonized inflation rate rose year-on-year by 2.4% in August, and the European Commission lowered its 2023 EU harmonized inflation forecast in Spain to 3.6% from 4%.

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