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Spanish inflation at 15-year high | Spanish inflation at 15-year high |
(about 13 hours later) | |
Prices in Spain rose at their fastest annual rate for 15 years in July, driven by rising food and fuel costs. | Prices in Spain rose at their fastest annual rate for 15 years in July, driven by rising food and fuel costs. |
The annual inflation rate climbed to 5.3% in July, up from 5% in June. | The annual inflation rate climbed to 5.3% in July, up from 5% in June. |
Transport costs were 10.6% higher than a year earlier, the National Institute of Statistics said, with food prices up 7% compared with July 2007. | Transport costs were 10.6% higher than a year earlier, the National Institute of Statistics said, with food prices up 7% compared with July 2007. |
Spanish inflation is above the eurozone average of 4.1%, but recent falls in the price of crude oil could bring the rate down. | Spanish inflation is above the eurozone average of 4.1%, but recent falls in the price of crude oil could bring the rate down. |
Spain's Economy Minister Pedro Solbes said the rate of inflation could drop to about 4% by the end of the year as crude prices have declined. | |
Later on Wednesday Spain set out a number of economic reforms aimed at tackling the cooling economy, following an emergency meeting. | |
Prime Minister Jose Luis Rodriguez Zapatero had interrupted his holidays to attend the meeting with Mr Solbes and other cabinet members. | |
The plan, yet to be finalised, included a 20m-euro package ($30m; £15.9m) to help families access finance for mortgages and to help smaller firms among others. |
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