Electricity prices raise inflation in Spain in August

Spain's consumer price inflation accelerated in August on higher electricity prices, flash estimate from the statistical office INE showed on Monday.

Consumer price inflation rose to 3.3 per cent in August from 2.9 per cent in July. EU harmonized inflation also increased to 3.3 per cent in August from 2.9 per cent a month ago. The rate was forecast to remain unchanged at 2.9 per cent.

At the same time, core consumer prices that exclude non-processed food and energy products, grew only 0.7 per cent after gaining 0.6 per cent in July.

Month-on-month, consumer prices rose 0.4 per cent, in contrast to a 0.8 per cent fall in July. The harmonized index of consumer prices moved up 0.4 per cent, following a 1.2 per cent decrease in July.

Another report from INE showed retail sales rose 0.1 per cent each on month in July and June. Food sales grew 0.4 per cent, while non-food product sales were down 0.2 per cent.

On an unadjusted basis, retail sales edged up 0.1 per cent annually, following a 1.4 per cent rise in the prior month. Seasonally adjusted sales also gained 0.1 per cent on year.