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4 January 2008
MADRID – Spanish consumer inflation shot up in December to its highest level since 1997 as record oil prices and higher food costs made themselves felt.
The National Statistics Institute said yesterday it estimated the harmonised index of consumer prices (HICP) climbed to 4.3 percent in the last month of the year from 4.1 percent in November.
The HICP flash estimate is used by the European Union’s statistics office Eurostat to compile pan-European inflation figures. Eurostat is due to release its inflation estimate for December today.
The secretary of state for the economy, David Vegara, predicted inflation would start to ease from around spring due to the base effect of oil prices.
Oil prices have surged some 70 percent this year with crude prices earlier in the year breaking USD 100 a barrel for the first time in New York.
[Copyright El Pais 2008]
Subject: Spanish news