Inflation in Spain accelerates in December, reaching 2.8%.

The National Institute of Statistics in Spain has released preliminary data on consumer price index indicators for December, which showed a rise in inflation rates in the country.

According to the data, the overall consumer price index rose by 2.8% in December on a year-on-year basis, up from 2.4% recorded in November, and surpassed market expectations, which had anticipated a consumer price index growth of only 2.6%.

On a monthly basis, the consumer price index in Spain increased by 0.4% in December compared to November, which was also higher than the previous reading of 0.2%, as well as above analysts' expectations of a 0.3% rise.

At the same time, the annual core inflation rate in Spain also recorded 2.8% in December, up from 2.4% recorded the previous month, and was also higher than analysts' expectations of an increase of 2.6%.