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.
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.
Source: Fx Street