By Joshua Kirby
Consumer prices rose at a faster rate in Spain this month, adding to signs that Europe's battle against inflation isn't yet won.
Prices rose an average 3.8% on year in May, according to EU-harmonised figures set out by national statistics agency INE on Thursday. This represents an acceleration from 3.4% a month earlier and comes in above economists' expectations for a slighter increase to 3.6%, according to a consensus of estimates compiled by The Wall Street Journal.
Faster inflation was driven by higher electricity bills, after a drop last May, and by a shallower decrease in fuel prices, INE said.
Accelerating prices in Spain join those in Germany, where inflation also picked up pace this month, figures showed Wednesday. The trend suggests that bumps in the road remain as the European Central Bank works to bring eurozone inflation down to sustainably lower levels.
By national standards, Spain's inflation rate increased to 3.6% in May from 3.3% in April, while core inflation--which strips out food and energy prices--ticked higher to 3.0%, rising for the first time since July last year.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
05-30-24 0314ET
