Spanish Inflation Hits 4.5 Percent Amid Global Energy Price Surge

Inflation in Spain has surged to 4.5 percent, significantly higher than the European average of 3.3 percent.

This is according to preliminary data from Eurostat and Spain's National Statistics Institute (INE), which show that energy prices are primarily responsible for the latest surge in inflation.

The current situation has put increasing pressure on the European Central Bank (ECB) to raise interest rates again in September, with financial markets now largely expecting a 25-basis-point increase.