The flash estimates from the Instituto Nacional de Estadística (INE) revealed on Monday that Spain’s consumer price index (CPI) rose 0.4 percent m-o-m in August after dropping 0.8. percent m-o-m in the previous month.

On the y-o-y basis, Spain’s CPI climbed 3.3 in August, following a 2.9 percent jump in July. That was the highest reading since October 2012

According to the report, the rise in electricity prices was the major contributor to the August surge in headline CPI. Meanwhile, the general index excluding non-processed food and energy products increased 0.7 percent y-o-y in August, accelerating from 0.6 percent y-o-y in July.

Meanwhile, the harmonized index of consumer prices for Spain (HICP), which is calculated for European purposes, rose also 0.4 percent m-o-m and 3.3 percent y-o-y. Economists had predicted HICP would rise 0.1 percent m-o-m and 2.9 percent y-o-y in August.