Spain's Inflation Climbs to 3% in January

According to the preliminary report released by Spain's National Statistics Office (INE) on Thursday, the country's annual inflation rate rose to 3% in January. This marks an increase from December's 2.8% and surpasses the expectations of many analysts.

The primary drivers behind this acceleration were hikes in fuel prices, with electricity prices also contributing, albeit to a lesser extent. On a monthly basis, consumer prices saw a 0.2% increase. The Harmonized Index of Consumer Prices (HICP) experienced a 2.9% year-over-year jump, despite a 0.1% decrease from December.