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Spain Inflation Strongest Since 1985

Spain consumer price inflation accelerated further in March to the highest since May 1985, flash data from the statistical office INE showed on Wednesday.

Consumer price inflation rose more-than-expected to 9.8 percent in March from 7.6 percent in February. The rate was forecast to climb to 8.0 percent.

The annual growth in prices was driven by electricity, fuel and oil prices and food and non-alcoholic beverages. Underlying inflation advanced to 3.4 percent, the highest since September 2008, from 3.0 percent in February.

On a monthly basis, consumer prices advanced 3.0 percent, following a 0.8 percent rise in February. The rate was also above the economists’ forecast of 1.3 percent.

EU harmonized inflation also increased to 9.8 percent from 7.6 percent a month ago. The expected rate was 8.1 percent.

Month-on-month, the harmonized index of consumer prices gained 3.9 percent, faster than the 0.8 percent rise in February, and the economists’ forecast of 2.8 percent.

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