MADRID (FFN) – Inflation in Spain saw a significant slowdown this month, reaching its lowest level in over a year, driven primarily by falling fuel and food prices. These figures were reported by the Spanish National Statistics Institute (INE) and published by Reuters and TradingEconomics.
Consumer prices in Spain rose by 2.2% year-over-year in August, down from a 2.8% increase in July. The August inflation rate is the lowest since June of last year and came in below economists’ expectations, who had predicted a slowdown to 2.4%.
The sharper-than-expected decrease in inflation was mainly driven by fuel prices, which fell in August, in contrast to their rise during the same period last year. Additionally, the prices of food and non-alcoholic beverages continued to decline.
Core inflation, which excludes food and energy prices, also eased, reaching 2.7%, the lowest level of core inflation since January 2022.
| Indicator | July 2024 | August 2024 |
|---|---|---|
| Headline Inflation (%) | 2.8% | 2.2% |
| Core Inflation (%) | – | 2.7% |
Key Words: Spain, inflation, consumer prices, fuel prices, food prices, core inflation, INE
