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Date Published: 15/10/2024

In September Spanish inflation fell to its lowest rate in three and a half years

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Inflation has been falling for four consecutive months after reaching 3.6% in spring

In September Spanish inflation fell to its lowest rate in three and a half years

The Consumer Price Index (CPI) fell by 0.6% in September compared to previous months, and cut its year-on-year rate by eight-tenths to 1.5%, its lowest figure since March 2021. The figures come out of the National Institute of Statistics (INE) who published the figures this Tuesday October 15.

The agency explained that the CPI’S current state is due to the lower prices for fuel, electricity, tourist packages and food, whose year-on-year rate fell by seven-tenths, to 1.8%, its lowest rate since October 2021.

The moderation in food prices was mainly due to the lower cost of oils and fats and, to a lesser extent, the lower cost of fruit.

With the year-on-year decline in the CPI in September, inflation has now fallen again for the four consecutive month after its ride in the spring, which led the CPI climbing to 3.6%.

Furthermore, core inflation (excluding unprocessed food and energy products) eased by three-tenths of a point in September to 2.4%, nine-tenths of a point above the headline rate and its lowest rate since January 2022.

Also in September, the Harmonised Index of Consumer Prices (HICP) stood at an interannual rate of 1.7%, seven-tenths less than in August.

In monthly terms, the CPI fell by 0.6% compared to the previous month, its largest monthly decline in two years, specifically since September 2022.

The monthly decline was influenced by the lower prices of tourist packages, fuel such as gasoline, passenger air transport and electricity.

However, the prices of clothing and footwear increased by 2.4% due to the start of the autumn-winter season.

Furthermore, the Ministry of Economy has highlighted the fall in the price of oil in September, with a decrease of 2.2% .

“This continued reduction is allowing food inflation to approach the general index, thanks to the support measures adopted,” said Carlos Cuerpo, the head of the department.

He continued by stating that, “The continued reduction in inflation continues to reflect the ability of the Spanish economy to support the highest economic growth among the main countries in the Eurozone, as shown by the GDP growth data for the second quarter, with growth in the Spanish economy four times higher than the Eurozone average.”

The Ministry has stressed that these factors, together with the positive development of the labour market and the improvement in wages, are allowing purchasing power and real household income to improve.

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