World Business

Inflation continues to rise in Spain

(Xinhua)
Updated: 2010-05-29 10:47

MADRID - The advanced data for the rate of inflation in Spain for the month of May shows that prices in the country rose for the seventh successive month.

The Index of Harmonized Consumer Prices (IPCA) published by the Spanish National Institute of Statistics (INE) Friday shows that prices rose by 0.2 percent in May to leave inflation at a rate of 1.8 percent.

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It is the seventh successive rise in the country after eight months of continually falling prices.

The Consumer Price Index (IPC) will be published on June 11 and is expected o confirm these figures.

The main reason for continued rising prices appears to be fuel costs. Twelve months ago a barrel of Brent crude oil cost $58.59, whereas now the price is $77.20, which maintained food and drink prices stable.