The collapse of inflation in recent months, reflected by the National Institute of Statistics (INE) in the advanced data from a few weeks ago. The general inflation rate fell by eight tenths in September and is located in the 1.8%, what are you lowest rate since March 2021. The drop in the rate in fuel, food and electricity They are responsible for this significant drop, as also confirmed by the INE, which published this Tuesday the final CPI (Consumer Price Index) data for September.
Food is the group seeing a significant decline, as its year-over-year rate fell this month seven tenths, remaining at 1.8%, the lowest in almost three years (since October 2021). Among foods, the decline the price of oil, down 2.2%.
The organization also explained that the decline is due to cheaper fuelelectricity and tourist packages.
Compared to the previous month, the CPI decreased by 0.6% in September compared to the previous month. With the drop in the interannual CPI in the ninth month of the year, inflation continues four consecutive months of decline after the increases recorded in March, April and May, which pushed the CPI to 3.6%.
This figure is less than 2%, objective set by the European Central Bank to define its monetary policy. But what matters for the ECB is the underlying inflation rate (excluding unprocessed food and energy products) which, although it has also fallen, stands at 2.4%.
Concerning the Harmonized Consumer Price Index (IPCA), a reference for comparing with other countries, the INE has set its interannual rate at 1.7%, seven tenths less than in August and the monthly rate at -0.1%.
Carlos Body’s Ministry of Economy celebrated these data and stressed that this gradual decline “continues to reflect the capacity of the Spanish economy to make economic growth compatible” with price moderation.
