Spanish inflation quickened again in the first of a string of reports from around the region that will help European Central Bank officials judge whether to keep raising interest rates.
Consumer prices rose 2.4% in August from a year earlier, up from 2.1% the prior month, driven by fuel costs, the country’s statistics agency said on Wednesday.
The numbers from the region’s fourth-biggest economy kick off more than 24 hours of national reports that will ultimately lead to the release of euro-zone inflation on Thursday, which is seen likely to show underlying price pressures still stubbornly stuck above 5%. More significant in their judgment than Spain will be figures later on Wednesday from Germany, the region’s biggest economy, that are likely to show consumer prices are still growing at an annual pace exceeding 6%.
The report for overall consumer-price growth in the euro region will also be published on Thursday. So-called core inflation that strips out volatile food and energy prices, a measure ECB officials are studying closely, is expected to come in at 5.3%, according to forecasters’ median estimate. Spain has recently enjoyed some of the region’s lowest price growth, even including a dip below 2% in June. That’s expected to reverse later this year as base effects change.
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