ECB target value soon?
Inflation in Spain falls below three percent
Inflation in Spain weakened significantly in February. Consumer prices (HICP), calculated for European comparison purposes, rose by 2.9% year-on-year, according to the INE statistics office on Thursday. Analysts had on average expected a slightly lower rate (2.8%).
In January, the inflation rate had been significantly higher at 3.5 percent. Last year, inflation in Spain had fluctuated considerably. After the inflation rate fell to 1.6% in the summer, inflation picked up again noticeably in the second half of 2023.
In a monthly comparison, consumer prices rose by 0.4% in February. Analysts had expected an increase of 0.2 percent after prices had fallen by 0.2 percent in the previous month.
Approaching the ECB's target value
Inflation in the eurozone's fourth-largest economy is approaching the target set by the European Central Bank (ECB), which is aiming for an inflation rate of 2 percent for the single currency area in the medium term. New inflation figures for the currency area are expected on Friday.
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