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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. 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.
Prime Minister Jose Luis Rodriguez Zapatero has interrupted his holidays to attend an emergency meeting later with Mr Solbes and other cabinet members to discuss the economy. Later on Wednesday Spain set out a number of economic reforms aimed at tackling the cooling economy, following an emergency meeting.
Spanish newspaper reports suggest the meeting will discuss additional economic stimulus measures to add to the 10bn-euro ($14.9bn; £7.9bn) package announced earlier this year to stimulate consumer demand, the housing market and small businesses. 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.