According to Spain's Statistics Institute, inflation accelerated to 5% year-over-year in September on Tuesday, surpassing analyst expectations of 4.9% and the prior month's 4.6%, marking the highest level since February 2023. The surge was driven primarily by sharp increases in fuel and tourism package prices. Core inflation, a gauge of underlying price pressures, also exceeded forecasts, reinforcing the case for further European Central Bank rate hikes.
