The annual rate of the general Consumer Price Index (CPI) for Spain in the month of August is 10.5%, three tenths less than that registered in July, when it reached a ceiling of almost four decades at 10.8%. Today’s result worsens market expectations, which expected the IPC to be at 3.4%.
The monthly CPI is up six tenths to 0.3% from -0.3% previously, beating forecasts of 0.1%.
According to the Spanish National Institute of Statistics, the Underlying inflation (which excludes energy and fresh food) per year has increased three tenths, to 6.4%. This is the highest rate recorded by the indicator in 29 years, since 1993.
By sectors, the Housing prices have increased two points compared to the previous month, up to 24.8%, while food and non-alcoholic beverages have risen three tenths, up to 13.8%. Transport has fallen four points, standing at 11.5%.
The annual rate of the CPI decreased in August compared to July in 13 Autonomous Communities, increased in two and remained stable in the remaining two. The greatest decreases occurred in Castilla-La Mancha, with a decrease of 0.6 points, and in Principality of Asturias and Galicia, with decreases of 0.5 points in both. For their part, the increases occurred in Illes Balears and Canarias, with rises of 0.4 and 0.1 points, respectively.
By provinces, those that suffered the greatest increase in prices were Toledo and León, with 13.3% and 13.1%, respectively, while in another four it was higher than 12%, Ciudad Real, Ávila, Cuenca and Lleida.
Source: Fx Street
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