Monday, December 4, 2023

Spanish inflation rises for the second consecutive month in August, up to 2.6%

The prices in Spain they rose 2.6% in August compared to the same month of 2022, an inflation rate three tenths higher than that of July, which represents the second consecutive month of rise.

He Statistics National Institute (INE) published this Wednesday the advance data of the consumer price index (CPI) for August, which shows a rebound driven by the rise in the prices of fuels and, to a lesser extent, liquid fuelswhich fell in the same month of 2022.

On the other hand, the prices of the electricity they increase in August, but less than in the same month of 2022.

After exceeding rates of 10% in the summer of 2022 as a result of the war in Ukraineinflation in Spain has moderated since then, with small spikes, since it accelerated in January, February, April and, now, in July and August.

According to the advance data, the Underlying inflation (excluding food and energy products) eased by one tenth this month, to 6.1%.

The Ministry of Economic Affairs and Digital Transformation highlighted that “Spain is consolidated as one of the countries in the euro zone with the lowest inflation, after lowering it by nearly 8 points in the last year”. In the euro area inflation in July was 5.5% on average, while in the European Union as a whole it stood at 6.4%.

Regarding the index of harmonized consumer prices (IPCA), which allows comparisons with other European countries, the rate stood at 2.4% in August, three tenths above that of July.

In monthly terms, prices increased 0.5% in August compared to July, when they had risen 0.2%. The INE recalls that the CPI monthly rate it was only negative this year in January.

The INE will publish the complete information on the CPI on September 12, when the detail of food inflation will be known, which despite maintaining a moderation trendin July they still showed a rate of 10.8%.


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