Preliminary data provided by the National Statistics Institute (INE) showed that in August consumer price growth slowed to 2.2% per annum from 2.8% per annum in July. This was the weakest growth since June 2023. Economists had expected CPI growth of 2.4% per annum. This evolution is mainly due to the reduction in fuel prices, as well as food and non-alcoholic beverages prices.
Core CPI - excluding energy and fresh food - rose by 2.7% per year, as expected, after an increase of 2.8% per year in July. The latest increase was the weakest since January 2022.
On a monthly basis, the CPI remained unchanged after falling by 0.5% in July. Economists also expected a 0.1% increase.
The data also showed that in August, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - remained unchanged compared to July and increased by 2.4% per annum. In July, HICP fell by 0.7% on a monthly basis and rose by 2.9% per annum.