By Maria Martinez 
 

The annual rate of inflation in Spain accelerated in October at the fastest pace since September 1992.

Consumer prices rose 5.5% on year in October, according to a first estimate released Thursday by the Spanish statistics office INE. Prices rose 4.0% on year in September.

This increase beats the forecast of a 4.5% increase by economists polled by The Wall Street Journal.

The increase in the annual inflation rate was caused mainly by a jump in electricity prices, as well as gas-and-oil product prices, INE said.

Consumer prices also rose 5.5% on year by European Union-harmonized standards, following a 4.0% increase in September.

The core consumer price index--which excludes the more volatile categories of food and energy--rose 1.4% on year in October, more than 4 points below the headline inflation rate. This is the biggest difference between the core inflation rate and the headline inflation rate ever recorded in Spain, the Spanish statistics office said.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

October 28, 2021 04:11 ET (08:11 GMT)

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