MADRID—Spanish inflation in December climbed to its highest level since July and drifted further from the eurozone target as fuel prices rose, preliminary official data showed on Monday.
Consumer prices in the European Union’s fourth-largest economy rose 2.8 percent on an annual basis, up from 2.4 percent in November, the National Statistics Institute said.
The increase was “mainly” attributable to more expensive fuel costs and “to a lesser extent” rising prices in leisure and culture, it added.
December’s figure was the highest since July, when annual inflation also hit 2.8 percent, and marked the third consecutive monthly increase.
The European Central Bank has set a longstanding target of 2.0 percent for the eurozone and cut interest rates earlier this month, citing a slowdown in inflation. AFP