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Inflation rate rises to 2.2% in Spain

10-30-2010 13:41 BJT

MADRID, Oct. 29 (Xinhua) -- Harmonized inflation in Spain rose by 0.1 percent in October to 2.2 percent, reaching the highest level since November 2008, the Spanish National Institute of Statistics (INE) said Friday.

INE said the rise was due to an increase in electricity prices, which occurred with the introduction of new tariffs at the start of the month.

Fuel prices also continued to heavily influence prices, with the cost of a barrel of Brent Crude currently standing at 83.54 U.S. dollars, compared with 73.93 U.S. dollars 12 months ago.

The new figures showed a continuous trend which began in September when prices rose by 0.3 percent, due partly to the increased cost of clothing with the coming of autumn and winter and the end of the summer sales period.

Inflation in Spain had dropped sharply between July and March 2009, falling to negative numbers. Prices had continued to decline as the economic crisis took its toll until October 2009 when inflation returned to positive numbers, and the trend over the past 12 months has been for virtually uninterrupted prices growth.

The harmonized inflation looks at the evolution of prices using the same methodology for all other countries in the eurozone.

 

Editor:Yang Jie |Source: Xinhua

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