Spain's annual inflation hits 8.7% in May

ISTANBUL

Spain’s annual inflation rate reached 8.7% in May, up from 8.3% in April, the country's official figures showed on Monday.

The increase this month is mainly due to higher fuel, food and non-alcoholic beverage prices, according to the National Statistics Institute (INE).

The rate was down from March's rate of 9.8%, which is the highest level since September 1986, it said.

"The estimated annual variation rate of underlying inflation (general index excluding non-processed food and energy products) increases five tenths, to 4.9%,” the INE said, adding: "If confirmed, it would be the highest since October 1995."