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Spain CPI Inflation Slows For Third Month In January

Spain's consumer price inflation eased for the third consecutive month in January to its lowest level in twelve months, led by a fall in the prices of gas and fuels, preliminary data from the statistical office INE showed on Thursday.

The consumer price index rose 1.0 percent year-on-year following a 1.2 percent increase in December. Economists had forecast a score of 1.2 percent.

The latest inflation rate was the slowest since January 2018, when it was 0.6 percent.

The statistical office attributed the latest slowing in inflation to a decrease in prices of gas, which rose in the same month of last year.

Further, the pace of increase in prices of fuels such as diesel and gasoline was slower than that in January last year.

Compared to the previous month, the CPI decreased 1.3 percent in January.

Inflation based on the harmonized index of consumer prices, or HICP, slowed to 1.0 percent from 1.2 percent in December. Economists had expected a rate of 1.4 percent.

On a month-on-month basis, the HICP dropped 1.7 percent in January.

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