Inflation in Spain did indeed pick up in December, according to final figures from the National Statistics Institute (Ine), a re-acceleration mainly due to the rise in electricity costs.

The price index calculated according to the harmonized standards in force in the European Union (HICP) rose by 2.8% year-on-year, following a 2.4% increase in November.

Calculated according to national standards, Spanish inflation was also 2.8% in December, compared with 2.4% the previous month, says the Ine in its information note.

In detail, the item that rose the most was electricity (+14.6% year-on-year), followed by tourism (+12.4%), insurance (+9.1%) and tobacco (+7.6%).

While Spain has until now had one of the most contained inflation rates in the euro zone, prices have firmed up considerably in recent months, against the backdrop of a clear upturn in economic activity in the country.

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