Spain's Annual Inflation Hits 10.8% In July, Highest Since 1984

Spain's annual inflation rose to 10.8% in July, above market expectations of 10.6%, hitting the highest level since 1984, official data showed.

The increase in inflation is largely driven by the rising cost of food and non-alcoholic beverages, and electricity.

The figure was 10.2% in June.

Spain's National Statistics Institute said housing increased its variation by four points to 23%.

Prices of food and non-alcoholic beverages also surged to 13.5%, the highest since January 1994.

Excluding cost of food and energy, core inflation rose to 6.1%, the highest since January 1993. -