Inflation lowest in three years

10th August 2007, Comments 0 comments

10 August 2007, MADRID (AP) - Spanish consumer price inflation slowed in July to the lowest in more than three years, final data from the National Statistics Institute, or INE, showed on Friday.

10 August 2007

MADRID (AP) - Spanish consumer price inflation slowed in July to the lowest in more than three years, final data from the National Statistics Institute, or INE, showed on Friday.

Consumer prices rose 2.2 percent year-on-year in July, the lowest inflation rate in Spain since March 2004, after rising 2.4 percent in June.

On a European-Union harmonised basis, Spain's July annual inflation rate was 2.3 percent.

In a statement, INE said transport prices rose 0.6 percent year-on-year in July, compared with a rise of 1.2 percent in June, as energy product price increases slowed.

Still, the underlying inflation rate - excluding the most volatile components such as fresh food and energy products - stayed at 2.4 percent in July, unchanged from June.

The European Central Bank wants countries to bring inflation below but close to 2 percent.

(Copyright AP with Expatica 2007)

Subject: Spanish news

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