Spain's Inflation Rate Confirmed at 2.8% in December

According to the National Statistics Office (INE) of Spain, the annual inflation rate for December was confirmed at 2.8%. This marks an increase from November's rate of 2.4%, indicating a significant acceleration in inflation.

Driving Forces Behind the Inflation Surge

The primary driver behind this surge was a notable 1.6-point increase in transport prices, which saw an annual inflation rate of 0.6%. This increase is largely attributed to the rising costs of fuel, impacting the overall inflation rate.

Monthly Consumer Price Movement

On a month-to-month basis, consumer prices experienced a 0.5% increase. Additionally, the Harmonized Index of Consumer Prices (HICP) showed a 2.8% year-on-year rise and a 0.4% increase from November, further highlighting the upward trend in inflation.