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Spain inflation rises to 4.9% in September, near five-year high
Core inflation also quickened to 3.1% from 2.9% in September, extending the pressure on ECB policy expectations.
Spain’s preliminary inflation rose in September, with headline CPI climbing to 4.9% year over year, the highest level since February 2023, according to Forexlive. The reading was above the 4.6% expected and followed 4.3% in the prior month.
Forexlive also reported that Spain’s preliminary HICP increased to 5.0% year over year versus 4.9% expected, up from 4.6% previously. Core inflation accelerated further at the end of the third quarter, moving from 2.9% to 3.1% in September.
The acceleration suggests price pressures are broadening beyond isolated categories, Forexlive said. The outlet also noted markets were pricing in roughly 50% odds of a 25 basis point ECB rate hike for October, with additional euro area inflation data later this week potentially influencing expectations.