The Spanish Consumer Price Index (CPI) has been reduced by 4 tenths in the preliminary reading for August, standing at the 10.4% after hitting a 38-year high of 10.8% in July. The indicator has improved market expectations, whose consensus placed the result at 10.9%. Despite the improvement, this is the third consecutive month with inflation above 10%.
The Monthly CPI has risen to 0.1% from -0.6% in the previous month, standing below the estimated 0.3%.
According to him National Statistics Institute In Spain, this evolution is mainly due to the drop in fuel prices, which rose in August 2021, and, to a lesser extent, to the drop in liquid fuels, greater than that registered the previous year. On the contrary, the increase in prices stands out, among others, for electricity, food, restaurants and tourist packages.
The estimated annual variation rate of core inflation (general index without unprocessed food or energy products) increases three tenths, to 6.4%. If confirmed, it would be the highest since January 1993.
Source: Fx Street
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