Spanish CPI hits near three-decade high in November
The cost of living in Spain hit a near three-decade high in November on the back of rising food and gasoline prices.
According to preliminary figures from Spain's National Statistics Office, in harmonised terms, the annual rate of increase in the country's CPI increased by two tenths of a percentage point to 5.6% - marking its highest reading since September 1992.
At the core level however, which strips out the contributions from the often volatile food and energy categories, the year-on-year rate of increase accelerated from 1.4% for October to 1.7% in November.
INE highlighted the impact from negative base effects given that both categories of goods registered declines during the same period one year before.
Month-on-month, harmonised CPI prices increased by 0.3%.
Both increases were correctly anticipated by economists.
Earlier, European Central Bank governing council member, Isabel Schnabel, told ZDF television that inflation peaked in November and was headed back down towards the monetary authority's 20% target the next year.
She blamed supply bottlenecks and negative base effects for the rise in prices.
Data due out in the afternoon were expected to show German harmonised CPI jumped from 4.6% year-on-year in October to 5.5% in November.