Inflation ends August with a new drop to 2.2% and is the lowest of the entire year, as noted this Thursday by the National Institute of Statistics (INE). Thus, the preliminary data for the last month of summer are six tenths lower than those proposed in July, when the moderate price increase of 2.8%.
The moderation of prices in July is mainly explained by the decrease in electricity prices and the lower increase in food prices. Something that is repeated on this occasion as it is, in fact, fuel and food those which particularly contribute to the new decline in August.
In monthly comparison, consumer prices they remain stable in August and they do not record any increases or decreases, unlike the 0.5% decrease recorded in July. This is the first time that this parameter does not vary in 2024, after also remaining unchanged in December 2023.
If these groups are ignored, that is, if the underlying inflation There is also another fall, although much more moderateAccording to the latest data from the INE, this indicator stood at 2.7% in August, just one tenth less than the 2.8% in July.
In this way, Spain continues the process of moderating prices towards the 2% target which marked the European Central Bank (ECB).
Economy Minister Carlos Body called the data “good economic news” which he said reflects the fact that “the government’s economic policy measures” They are “effective”. This is justified by the fact that “they make it possible to make one of the highest growth rates in the Eurozone compatible with this progressive moderation of prices and the restoration of household purchasing power”.
