By Joshua Kirby

The rate of annual inflation in Spain held steady in December, keeping price rises stable but above the wider eurozone average.

The country's consumer-price index rose by 3.3% on a yearly basis, the same rate as a month earlier, according to figures set out Friday by national statistics agency INE. The rate is harmonized to European Union standards and was in line with the expectations of economists polled by FactSet.

Fuel prices fell at a slower rate than they did a year earlier, INE said, while electricity prices rose less steeply on year and food prices were largely stable.

Core inflation, which strips out the more volatile effects of unprocessed food and energy, slowed sharply to 3.8% from 4.5% in November, INE said.

Spanish inflation is now riding above the eurozone average, which reached 2.4% in November. The country's inflation rate eased more quickly this year than many European neighbors as a result of factors including the way energy prices reach consumers, but had climbed back up in the second half of the year.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

December 29, 2023 03:21 ET (08:21 GMT)