Inflation in Spain accelerated in September to its highest level since February 2023, mainly driven by higher fuel and air travel prices, according to final figures from the National Statistics Institute (INE) released on Wednesday. The EU-harmonised annual rate rose to 5.0% from 4.6% in August, matching the INE's preliminary estimate and the average forecast of analysts polled by Reuters. Core inflation, which excludes volatile fresh food and energy, climbed to 3.1% from 2.9%. Spain's national consumer price index showed annual inflation of 4.9% in September, up from 4.3% in August, in line with the preliminary estimate. The article notes that inflation surged globally after the Covid-19 pandemic and Russia's invasion of Ukraine, and that Spain's rate hit a level last seen in 1984 in 2022 and has mostly stayed above the ECB's 2% target since.
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