Inflation edges up to 3% in Spain as fuel prices rise

Annual inflation in Spain rose to 3% in January – up from 2.8% in December – according to preliminary data released by the National Statistics Institute (INE) on Thursday.

The increase was driven by higher fuel prices and, to a lesser extent, electricity prices.

A drop in leisure and cultural activity costs helped keep inflation in check.

The Consumer Price Index (CPI) has now risen for four consecutive months.

The core inflation rate, which excludes the most volatile items like energy and food products, fell by two-tenths of a percentage point to 2.4%.