Spanish inflation is among highest in Europe

13th May 2005, Comments 0 comments

13 May 2005, MADRID — Spanish inflation hit 3.5 percent on a 12-month basis in April, leaving the country with one of the highest rates in the European Union.

13 May 2005

MADRID —  Spanish inflation hit 3.5 percent on a 12-month basis in April, leaving the country with one of the highest rates in the European Union.

Inflation rose from 3.4 percent in March, the Spanish national statistics institute INE
showed in final figures.
 
The data was calculated according to a harmonised index of  consumer prices used to compare inflation across the 12-nation euro zone, within which Spain regularly has one of the highest rates.

The underlying figure stripping out volatile elements such as energy and fresh produce dipped slightly to an annualised 2.8 percent from 2.9 percent in March, the INE said.
 
The prices of shoes and clothing jumped 9.3 percent with the launch of spring and summer collections while alcohol and tobacco prises rose 3.2 percent.

Housing and transport costs rose respectively by 1.4 and 1.2 percent.

Despite the rise, Spain's secretary of state for the economy, David Vegara, forecast last month that inflation would level off in the coming months to a n12-month rate of 2.5 percent.

But he also warned that high fuel prices could derail such hopes.

[Copyright EFE with Expatica]

Subject: Spanish news

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