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Spanish inflation has come in well beyond forecasts for April, with a preliminary reading showing that prices were up by 2.6 per cent compared to the same month last year, up from a rise of 2.1 per cent in March and beyond the 2.3 per cent expected by economists polled by Bloomberg.

The result comes just hours ahead of the European Central Bank’s rates decision and press conference today and follows an unexpectedly large pull back in the eurozone’s March inflation after a surge at the start of this year.

Early data from Germany also point to another pick up in consumer prices this month from 1.6 per cent to 1.9 per cent in April.

Copyright The Financial Times Limited 2017. All rights reserved.

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