Rise in Spanish inflation will not worry the ECB

Spanish inflation doubled from 1.6% in June to 3.2% in September and is likely to rise to over 4% by the end of the year. However, ECB policymakers won’t be too concerned as the increase is largely due to rising energy inflation while core inflation looks set to fall and wage growth has eased. Overall, we expect inflation in Spain to return to 2% by the end of 2024.

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