Spain's Inflation Surges to 4.3% as Energy Costs Bite

Spanish inflation has surged to 4.3% in August, outpacing other major euro-area economies and pushing the country further above the European Central Bank's medium-term target.

The annual rate of inflation rose from 3.6% in July, with consumer prices increasing by 0.7% over the month, according to a flash estimate published by Spain's National Statistics Institute.

The acceleration was largely driven by higher fuel and lubricant prices for private vehicles, which increased this August after falling in the same period last year.

Food and non-alcoholic beverage prices also contributed to the rise, but at a slower rate than previously.