Europe's latest energy shock is rapidly feeding into consumer prices, with inflation accelerating across some of the euro area's largest economies and leaving the European Central Bank facing an increasingly uncomfortable policy dilemma. September data show particularly strong increases in southern Europe. Spain's harmonized inflation rate jumped to 5.0%, up from 4.6% in August and its highest reading in several years. Spain's statistics agency INE said rising prices for fuels and lubricants were among the main drivers. Spain's domestic CPI rose 4.9%, while core inflation increased more modestly to 3.1%. Italy is experiencing a similar energy shock. Headline inflation accelerated from 3.3% in August to 4.
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