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Spain’s underlying inflation rate in April fell to the lowest since October 2010 after the economy entered its second recession since 2009 amid the implementation of the deepest budget cuts in over three decades.
Core consumer prices, which exclude energy and fresh food, rose 1.1 percent from a year earlier, compared with 1.2 percent in March, the National Statistics Institute in Madrid said today. The figure was in line with a median forecast by four analysts. Headline inflation, based on European Union calculations, was 2 percent, matching an initial estimate on April 27.
Prime Minister Mariano Rajoy’s government, in power since December, aims to cut the euro area’s third-largest budget deficit by 3.2 percentage points of gross domestic product this year even as it forecasts an economic contraction of 1.7 percent.
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