By Ed Frankl
Spanish inflation ticked up unexpectedly in January on higher electricity prices, reflecting that stubborn price trends remain in the eurozone's fourth-largest economy.
The country's consumer-price index rose by 3.5% on an annual basis in January, up from 3.3% in December, according to figures published Tuesday by national statistics agency INE.
The rate, which is harmonized to European Union standards, was higher than expectations that inflation would tick down to 3.1%, according to economists polled by The Wall Street Journal.
In national terms, inflation rose to 3.4% from 3.1% in December, mainly driven by increasingly high electricity prices, which by contrast fell in January 2023, INE said. However, fuel prices fell, it added.
Meanwhile, core inflation, which strips out the more volatile effects of unprocessed food and energy prices, slowed again, to 3.6% in January from 3.8% last month, the data said.
Inflation data for the 20-nation euro area is due to be published on Thursday.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
01-30-24 0314ET
