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Spanish consumer prices jump above EU target in January

Staff Writer |
Rising energy costs sent Spanish inflation to its highest level in four years in January, well above the European Central Bank's price stability target.

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Consumer prices, harmonised for comparison with the European Union, rose 3 percent year-on-year this month, the fastest rate since December 2012, preliminary data from the National Statistics Institute (INE) showed.

EU-harmonised prices had risen 1.4 percent in December. One of Europe's bigger energy importers, Spain is vulnerable to swings in these costs.

INE said January's reading reflected a spike in electricity prices, with demand rising during a cold spell, while oil prices were also higher than a year earlier.

Core inflation, which strips out more volatile components such as energy and food prices, has been more stable in Spain, with a more subdued annual rate of 1 percent in December.

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