Spanish inflation spikes in May; stays below 2%

MADRID
Spanish inflation spiked in May on higher food prices, the country's National Statistics Institute, or INE, said Wednesday
In its final estimate for the month, INE said Spain's European Union-harmonized consumer price index rose at an annual rate of 1.8%, above the 1.5% reading for April
This is unchanged from a preliminary reading released late last month
The European Central Bank aims to keep annual inflation in the euro zone below, but close to 2%, over the medium term
With inflation easing across the euro zone, the central bank last month cut its main refinancing rate, or the rate it charges to lend to banks, to a record low of 0.50%
According to Spain's own methodology, the CPI index rose 1.7% in May, compared with a rise of 1.4% in April, also unchanged from the flash estimate