Spanish inflation slows as fuel prices ease

Spain’s inflation rate slowed in August as fuel prices eased but it remained elevated due to rising electricity and food prices, official data showed on Tuesday.

Russia’s invasion of Ukraine has sent inflation soaring worldwide, prompting central banks to hike interest rates in an effort to rein in consumer prices.

Spain’s annual rate hit 10.4 percent, compared to 10.8 percent in July, according to the National Statistics Institute.

Inflation has remained in double digits in the eurozone country since June, a level not seen since the mid-1980s.

Economy Minister Nadia Calvino said consumer prices were on a “downward slope” that will continue “over the course of the next months”. But she called for “caution” as “uncertainty is very high due to the war”.

The Spanish government has rolled out aid packages in recent months to help households and businesses weather the inflationary pressure.