The consumer price index (CPI) moderated to 2.3% in August, five-tenths below the 2.8% recorded the previous month and its lowest reading since July 2023. The easing also extended to core inflation, which rose less than in July, notably by one-tenth less, to 2.7%, its lowest level since January 2022. The price development was mainly driven by lower gasoline and food prices, which reached their lowest levels in almost three years.
The final data published this Thursday by the National Institute of Statistics (INE) slightly modify the data advanced at the end of the month, which estimated that the general index would be 2.2%. Overall, the evolution is better than the analysts estimated, who predicted a CPI of 2.4% for the eighth month of the year.
