In August in Aragon, the consumer price index (CPI) was at 2.4 percent per yearthree tenths less than the previous month, according to data published this Thursday by the National Institute of Statistics (INE).
The annual inflation rate in August also slowed to the Spanish average where it is 2.3% per year. For his part, Core inflation remains at 2.7% in the Aragonese community. In the last month, prices have increased by a tenth.
In the euro area as a whole, the inflation rate slowed by four tenths in August to 2.2% per year. Consequently, the inflation differential with the European Monetary Union is unfavourable by two tenths in the case of Aragon and by one tenth in Spain as a whole.
According to the INE, this change in the inflation rate in August is mainly a consequence of a drop in fuel prices, compared to the increase that occurred the previous year, as well as the drop in the prices of food products – mainly oils and fats, legumes and vegetables – compared to the increase that occurred in August last year.
As for core inflation – which excludes unprocessed food products and energy from its calculation – it remained at 2.7% per year in Aragon for the second consecutive month, while it moderated by a tenth in Spain as a whole to also stand at 2.7% per year.
On average in the euro area, core inflation in August was 2.8% per year for the third consecutive month.
Consumer groups
Regarding August of the previous year, Annual inflation rates in Aragon in August 2024 are positive in ten of the twelve consumption groups considered by the IPC, being negative in the other two cases.
The relationship is led by Alcoholic beverages and tobacco, with a price increase of 4.4% per yearclosely followed by Hotels, Cafes and Restaurants, with an annual rate of 4.2% and Housing with 4.1% annual, in the latter case due to the increase in electricity prices, more intense than a year ago. At a distance were the consumption groups of other goods and services (2.9% per year), food and non-alcoholic beverages (2.7% per year), leisure and culture (2.4% per year) and education (2.9% per year).
With rates below the ECB’s 2% per year targetIn August, the prices of household goods (1.6% annual), medicines (1.5% annual) and clothing and footwear (1.3% annual) were lower. Finally, in Aragon, the prices of communications (-0.2% annual) and transport (-1.3% annual) decreased in August in annual comparison.
He oil With Brent crude trading at an average of $80.4 per barrel in August, 7.6% cheaper than in August of the previous year – and 5.6% less than in July.
In the opposite direction, the natural gas In its reference, the TTF was quoted in August at 38.3 euros/MWH, i.e. 17.7% more than in July and 9.6% more than a year earlier.
Monthly data
Compared to the previous month, Prices increase by a tenth in August in Aragona result of monthly price increases in six of the twelve consumer groups, stability in two others and monthly price decreases in the remaining four.
SO, Prices in Aragon have increased 1.3% monthly in Leisure and Culture and 0.8% monthly in Hotels, Cafes and Restaurants, usual behavior in August due to the high tourist season. Then, the prices of housing (0.6% monthly), other goods and services (0.4% monthly), alcoholic beverages and tobacco and education (0.2% monthly in both cases) also increased in August. Both in household goods and medicines, prices do not undergo any monthly variation in August in Aragon.
In the opposite direction, prices drop in augustor in Aragon in the consumer groups of Communications (-0.1% monthly), Food and non-alcoholic beverages (-0.3% monthly), Transport (-0.9% monthly), thanks to the drop in fuel prices, and finally Clothing and footwear (-1.0% monthly), due to the continuation of the summer sales.
Provinces
By Aragonese provinces, the inflation rate in August 2024 is at 2.2% per year in Huescahe 1.8% per year in Teruely the 2.5% per year in Zaragoza.
At the previous meeting on 18 July, the Governing Council of the ECB decided to keep interest rates unchanged, leaving the main financing operations rate at 4.25%, the marginal credit facility at 4.50% and the marginal deposit facility at 3.75%.
At Thursday’s meeting, the ECB is expected to decide on a rate cut, a decision that will be announced late this morning.
