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Spain’s inflation rate picked up faster than expected in April after March’s pullback, the country’s statistics agency has confirmed.

Final readings showed consumer prices rose 2.6 per cent in the year to April on an EU-harmonised basis, confirming initial estimates released late last month. Economists had initially expected an increase of 2.3 per cent.

Prices increased by 0.9 per cent over the month, with clothing and footwear seeing the biggest rise. “Leisure and culture” costs also contributed to the rise, alongside higher prices for hotels, cafes and restaurants.

Copyright The Financial Times Limited 2018. All rights reserved.

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