Spain's inflation has accelerated more than expected and is further away from the ECB's 2% target, which reinforces the central bank's reasons for continuing to raise interest rates. According to data released on Tuesday, consumer prices rose 5% year on year in September, up from 4.6% in August. This is the highest level since February 2023, and higher than analysts' median estimate of 4.9%. Statistics agencies say the sharp rise in fuel and travel package prices is the main reason. The indicator that measures underlying price pressure also rose more than expected.

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