Spanish inflation beats forecasts in Dec, hits highest since 2013

Spain's statistical office INE published flash inflation data for December on Friday. Data showed Spain's inflation more than doubled to reach the highest level since 2013 in December. This was the fourth consecutive monthly rise.

Inflation rose to 1.5 percent y/y in December from 0.7 percent in the previous month. This was the highest since July 2013, when inflation was 1.8 percent and more than expectations for a climb to 0.9 percent. On a monthly basis, the consumer price index advanced 0.6 percent versus a 0.3 percent fall in the same period of 2015. Economists had forecast a marginal 0.1 percent rise.

The harmonized index of consumer prices increased 1.4 percent versus a 0.5 percent rise in November. The annual rate was also faster than the expected 1 percent. Month-on-month, the HICP gained 0.5 percent compared to the expectations of 0.1 percent.