Spain's 12-Month Inflation Surpasses 10% in June, First Time Since 1985

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Spanish 12-month inflation rose to 10.2% in June, the first time it has surpassed 10% since April 1985, from 8.7% in the previous month, preliminary data from the National Statistics Institute (INE) showed on Wednesday, Reuters reported. Core inflation, which strips out volatile food and energy prices, rose to 5.5% year-on-year from 4.9% a month earlier, the highest since August 1993, the INE data showed. Spanish European Union-harmonised inflation was 10.0% in the 12 months through June, up from 8.5% a month earlier. Russia's invasion of Ukraine and the subsequent pressure on energy and food markets has stoked inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic. In Spain, INE said, this evolution in prices is mainly due to the rise in fuel prices, bigger this month than in June 2021, and of food and non-alcoholic beverages, which were flat in June last year. Also influencing the increase in national consumer prices are the costs of hotels, cafes and restaurants, which all rose from last year, INE said. Read more.