Overview
- Annual CPI reached 3.1%, the highest rate in 16 months, according to INE’s flash estimate.
- Prices rose 0.7% on the month, marking the strongest monthly increase since June.
- INE attributes the rise mainly to higher electricity bills linked to grid reinforcement after a blackout and to costlier air and rail travel, partly offset by cheaper motor fuels than a year ago.
- Core inflation edged up to 2.5% year over year, indicating broader price pressures beyond energy and fresh food.
- The harmonized index rose to 3.2% year over year and 0.5% month over month, with harmonized core estimated at 2.6%, keeping inflation above the ECB’s 2% reference.