Higher electricity prices drive up Spanish inflation

Spain map. INQUIRER FILES/STOCK IMAGE

Madrid, Spain — Spanish inflation increased in February to its highest level since June and drifted further above the eurozone target as electricity prices rose, preliminary official data showed on Thursday.

Consumer prices in the European Union’s fourth-largest economy rose 3.0 percent on an annual basis, up from 2.9 percent in January, the National Statistics Institute said.

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The increase was “mainly” attributable to more expensive electricity costs, which had fallen in February 2024, it added.

February’s figure was the highest since June, when annual inflation also hit 3.0 percent, and marked the fifth consecutive monthly increase.

The European Central Bank, which has a longstanding inflation target of 2.0 percent for the eurozone, cut interest rates in January after an overall slowdown in inflation in recent months.