The Consumer Price Index (CPI) falls in September up to 1.5%, eight tenths less than the previous month, according to data confirmed this Tuesday by the National Institute of Statistics (INE). Additionally, food inflation fell to 1.8%, the lowest rate in almost three years (since October 2021).
The statistical body specifies that the drop in inflation in September is due in particular to the fall in fuel and electricity prices.
Note that September was the last month of 0% VAT reduction on certain food products. Thus, since October 1, foods such as bread, milk, eggs, fruits, vegetables and olive oil will see an increase in their tax, which will increase to 2% until December 31, 2024. .
With the drop in the CPI in September, inflation continues four consecutive months of declines after the increases experienced in March, April and May, which led the CPI to climb to 3.6%
For his part, core inflationwhich excludes the most volatile elements, also fell to reach 2.4%. This is the lowest rate since January 2022.
The Harmonized Consumer Price Index (IPCA) set its interannual rate at 1.7%, seven tenths lower than in August. For its part, the monthly variation of the IPCA was -0.1%.
In monthly terms, the CPI decreased by 0.6% compared to the previous month, its largest monthly decline in two years, more precisely since September 2022.
From the Ministry of Economy highlight that “the continued reduction in inflation continues to reflect the capacity of the Spanish economy to make compatible the greater economic growth among the main countries of the Eurozone, as evidenced by the GDP growth data of the second quarter, with growth of “A Spanish economy four times higher than the euro zone average, with a moderation of prices”.
