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Spain's consumer prices shoot up in January

Xinhua, February 1, 2017 Adjust font size:

Spain's consumer prices shot up by 3 percent in January when compared with the same month of a year earlier, according to advanced data of the Consumer Price Index (CPI) published on Tuesday by Spain's Statistical Office (INE).

The INE said the rise was mainly due to an increase in prices of electricity and fuels as opposed to the fall experienced by those items a year ago.

Prices of electricity have shot up over the last weeks due to several factors. The cold snap caused an increase in demand leading to price hikes.

The INE will confirm this figure on Feb. 15 when it will provide more information about the evolution of prices. If confirmed, the figure would be the highest since January 2011 when prices rose by 3.3 percent, and Spain's prices would have been rising year-on-year for five consecutive months.

Meanwhile, the INE reported that Spain's consumer prices fell by 0.5 percent from December to January. Endit