According to CoinMeta, consumer prices in Spain rose by 5% year-on-year in September, higher than the 4.6% in August, reaching the highest level since February 2023 and exceeding economists' expected median of 4.9%. Spanish statistical authorities stated that increases in fuel prices and the cost of travel packages were the main factors driving the surge in inflation. This data strengthens market expectations for further interest rate hikes by the European Central Bank. Europe is facing the impact of rising energy costs due to the Iran war, yet the region's economy has so far performed better than expected. Spain is the first major eurozone member to release inflation data this month, and it is expected that other countries may also report higher inflation figures.