The Consumer Price Index (CPI) fell to 1.5% in Aragon in September at the interannual rateor nine tenths less than the interannual rate of the previous month, according to final data published this Friday by the National Institute of Statistics (INE).
In all of Spaininflation has decelerated by eight tenths also remain at 1.5% per year; and in the euro zonethe inflation rate in September fell four tenths up to 1.8% per year. Therefore, the inflation differential with the European Monetary Union has been favorable by three tenths, both in the case of Aragon and in Spain as a whole.
According to the INE, this change in the inflation rate in September was a consequence of the drop in fuel pricesas well as the drop in food and electricity pricescompared to the increase that occurred the previous year. Prices for leisure and culture also contributed, falling more than a year earlier.
Regarding the core inflation –that which excludes unprocessed foods and energy products from its calculation– moderate in Aragon and Spain until reaching 2.4% per yearthree tenths less than the figure for the previous month.
In the euro zone average, underlying inflation fell by a tenth in September, remaining at 2.7% per year.
Annual rate
Compared to the month of September of the previous year, the annual inflation rates in Aragon in September 2024 were positive in ten of the twelve consumption groups considered by the CPI, and negative in the other two cases.
The relationship is led by Hotels, Cafés and Restaurants, with a price increase of 4.5% per yearfollowed closely by alcoholic beverages and tobacco, with an annual rate of 4.3%. Teaching was located at a certain distance, with a rate of 3.2% per year, usual behavior with the start of the school year.
Then, the prices of Other goods and services –2.8% per year– and housing –2.6% per year–although it should be noted that in the latter case a slowdown is observed due to the fall in electricity prices, as already mentioned.
After them, five consumer groups showed moderate annual inflation rates in Aragon, below the annual level of 2%. These are medicines –1.8% per year–, food and non-alcoholic drinks –1.7% per year–, household items –1.3% per year–, clothing and shoes –1.1% per year — and leisure and culture –. 0.7% per year–.
Finally, in Aragon have been reduced In September, in annual comparison, the prices of Communications -0.2% annually– and those of Transport -3.9% annual–, due in the latter case to the drop in fuel prices.
Influence of fuel
It should be noted that the oil in its quality Brent traded on average at $74.0 per barrel in September, 21.9% cheaper than in September of the previous year – and 7.9% less than in August -.
For its part, natural gas in its TTF reference was quoted in September at 36.2 euros/MWH, or 5.6% cheaper than in August and 1.8% less than a year earlier. We must not forget the importance of the price of natural gas in determining the price of electricity.
Compared to the previous month, Prices fell on average by eight tenths in September in Aragonconsequence of the monthly fall in prices in six of the twelve consumer groups, of stability in two others of them and of the monthly increase in prices in the other four.
Thus, prices in Aragon increased by 1.6% per month in Education, as usually happens in September with the start of the school year. Prices of clothing and shoes also increased, by 1.1% per month, with the start of the new fashion season. The prices of medicines -0.3% per month– and alcoholic beverages and tobacco -0.1% per month– increased more moderately in September.
Both in household items and in hotels, cafes and restaurants, prices did not undergo any monthly variation during the month of September in Aragon.
In the opposite direction, prices decreased in September in Aragon in the consumption groups of Communications –0.1% per month–, Other goods and services –0.3% per month–, Food and beverages not alcoholic — 0.8% per month –. -, Housing –0.9% per month–, Transport –1.6% per month– and Leisure and Culture –4.4% per month–.
Variation by province
By Aragonese provinces, the inflation rate in September 2024 was located at 1.3% per year in Huesca, 0.8% per year in Teruel and 1.6% per year in Zaragoza.
At the last meeting on September 12, the ECB Governing Council lowered the rate of main refinancing operations (MRO) by 0.60 points, placing it at 3.65%.
For its part, it reduced the marginal deposit facility by 0.25 points, leaving it at 3.50%, while the marginal credit facility decreased by 0.60 points, leaving it at 3.90%.
The ECB took the marginal deposit facility as a new benchmark, instead of the traditionally used MRO type, because in a context of abundant liquidity, the deposit rate is more closely correlated with Euribor and other similar indicators, becoming thus a practice in the main reference rate. for market operators.
