MADRID, May 30 (Reuters) – Inflation in Spain picked up year-on-year in May after slowing in April as prices excluding energy and food saw their biggest rise in more than a quarter-century , shows the first estimate published Monday by the INE, the national institute of statistics.
The inflation rate reached 8.7% over one year against 8.3% in April. It had peaked in March at 9.8%, its highest level since 1985.
The figure published by the INE for May is higher than the Reuters consensus, which gave it at 8.3%.
So-called core inflation, which excludes particularly volatile food and energy prices, stands at 4.9% over one year in May, the highest in 26 years, after 4.4% in April .
If the prices of electricity are down over one year, those of fuels, food and non-alcoholic drinks have contributed to the increase in the overall level of inflation, explains the INE.
In data harmonized with European standards (HICP), inflation in Spain stood at 8.5% over one year in May after 8.3% in April.
In the government bond market, the yield on Spanish ten-year bonds was up nearly ten basis points after the data was released at 2.131%.
(Report Mariana Ferreira Azevedo, French version Marc Angrand, edited by Kate Entringer)