Spain’s annual inflation eases in August ’24

Spain’s annual Consumer Price Index (CPI) rate decreased to 2.3 per cent In August 2024, marking a reduction of 0.5 percentage points from the previous month.

Annually, transport’s rate dropped to -1.3 per cent, driven by falling fuel prices, while food and non-alcoholic beverages saw a 2.5 per cent increase, influenced by lower prices for oils and vegetables.

Housing experienced an 8 per cent rise, reaching 4.0 per cent, due to higher electricity prices compared to the previous year.

On a monthly basis, the CPI showed no change, remaining at 0.0 per cent.

Leisure and culture had the highest positive impact, rising 1.4 per cent due to increased tourist package prices. Housing prices grew 0.7 per cent, due to higher electricity costs.

Conversely, transport prices fell by 0.8 per cent due to reduced fuel and lubricant prices, while food and non-alcoholic beverages decreased by 0.4 per cent, mainly because of lower fruit prices.

Core inflation, excluding unprocessed food and energy, fell to 2.7 per cent, down one tenth from July.

The Harmonised Index of Consumer Prices (HICP) also fell, with its annual rate at 2.4 per cent, down by 0.5 percentage points from July.

Attribution: The National Statistics Institute (INE)

Subediting: M. S. Salama