Spain: Inflation moderates to 9% in September, improving on the 10.1% expected

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The Consumer Price Index (CPI) of Spain has moderated in the preliminary year-on-year reading for September to 9% after reaching 10.5% in August. The result is below expectations of 10.1%, according to the National Institute of Statistics.

This evolution is mainly due to the drop in electricity prices, which rose in September 2021. Also having an influence, although to a lesser extent, is the drop in fuels, compared to the rise in the previous year, and the drop in transportation.

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The estimated annual variation rate of core inflation (general index excluding unprocessed food and energy products) decreases two tenths, to 6.2%.

The Monthly CPI has fallen to -0.6% from +0.3% prior, well below the +1.7% forecast by consensus. This is the biggest drop seen since July 2021.

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Source: Fx Street

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