Spanish inflation dips in August, helped by fuel prices

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Spain's annual inflation rate dipped in August as pressure eased from fuel and lubricant prices, preliminary data showed Tuesday.

Consumer prices climbed 2.7 in August from a year earlier, down from a 3.0-percent advance in July, the National Statistics Institute said in a statement.

"The result is mostly the consequence of price changes for fuel and lubricants and for food and non-alcoholic drinks," it said, without giving further details.

Inflation hit a 30-month peak of 3.5 percent in April but the Bank of Spain predicts the rate will decline over the coming months, to reach 1.7 percent at the end of 2011.

© 2011 AFP

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