Spanish inflation rises to three-decade high as food prices jump

Bloomberg

Spanish inflation accelerated to the fastest in nearly three decades in November on rising food prices, underscoring the lingering consequences of supply-chain bottlenecks across Europe.
Consumer prices jumped 5.6%, national data showed — the highest since September 1992. The European Union-harmonised measure also came in at that level, matching the median forecast in a Bloomberg survey.
A national measure for core inflation, which strips out volatile items, jumped to 1.7%, the fastest since July 2013.
The figure pose a fresh test to the narrative that price gains in the euro area will be temporary, a stance that Bank of Spain Governor Pablo Hernandez de Cos reiterated. He warned against any premature withdrawal of monetary stimulus.
European Central Bank Executive Board member Isabel Schnabel took to the airwaves, saying that euro-zone price gains would peak in November, before retreating back below the 2% target.