Oil price rises push inflation up to 3.6pc

12th November 2004, Comments 0 comments

12 November 2004, MADRID- Spanish inflation rose in October, with consumer prices rising 3.6 percent from the same month the year before as a result of higher costs of oil products, according to figures released by Spain's National Statistics Institute.

12 November 2004

MADRID- Spanish inflation rose in October, with consumer prices rising 3.6 percent from the same month the year before as a result of higher costs of oil products, according to figures released by Spain's National Statistics Institute.

In September, consumer prices had risen 3.2 percent on an annual basis, slightly lower than a 3.3-percent increase in August.

"The high price for oil was fundamental" in October, and "it will be hard to end the year with a rate below 3.5 percent," savings bank Caja Madrid analyst Israel Munoz said.

Munoz said petrol prices had begun to ease and forecast the trend would continue in coming months, leading to "a clear slowing of inflation in the (northern hemisphere) spring" of 2005.

[Copyright EFE with Expatica]

Subject: Spanish news  

 

0 Comments To This Article