MADRID—Spanish 12-month inflation rose to 10.2 percent in June, the first time it has surpassed 10 percent since April 1985, from 8.7 percent in the previous month, preliminary data from the National Statistics Institute (INE) showed on Wednesday.
The reading was higher than the 9.0 percent forecast by analysts in a Reuters poll.
Core inflation, which strips out volatile food and energy prices, rose to 5.5 percent year-on-year from 4.9 percent a month earlier, the highest since August 1993, the INE data showed.
Spanish European Union-harmonised inflation was 10.0 percent in the 12 months through June, up from 8.5 percent a month earlier.
“The news of the last few weeks is not positive … Russia’s gas and oil export cuts are accelerating rising energy prices,” Economy Minister Nadia Calvino told parliament on Wednesday….