According to Consumer Price Index (CPI) data, inflation increased by three-tenths in August, reaching 2.6%. National Institute of Statistics (INE) confirms the leading indicator that the organization predicted on August 30. Compared to July, CPI increased by 0.5% in August. monthly fee.
cost increase fuels and fuelsInflation, whose prices increased by 5% compared to July, was the main factor that caused inflation to rise in August for the second month in a row, from the annual minimum of 1.9% in June. Compared to the same month last year, fuel prices in August were 3.8% lower than in 2022.
HE olive oil It also contributed to the rise in inflation, with a monthly increase of 8.7%; This made the liter 52.5% more expensive than a year ago.
Electricity prices also increased by 0.6% compared to July. However, they increased less than in August 2022; This means that the annual decline in prices has intensified and is now 49.6%.
group food and non-alcoholic beveragesFor their part, they recorded a monthly increase of 0.2%, leaving their annual inflation at 10.5%, three tenths of the 10.8% in July and below the 16.6% ceiling reached in February.
If the more volatile prices of energy and unprocessed food are reduced, the so-called Core inflation It was at 6.1%, a tenth decrease compared to July.
The labor services’ and the Government’s forecasts for the coming months indicate that the slight inflation increase in August will continue at an average rate of just over 3% until the end of the year. In any case, the Government values the consolidation of Spain as the economy with the highest growth and lowest inflation in the eurozone, and in the ministry of Nadia Calviño they add that this benefits the competitiveness of our companies and also the acquisitions. the power of wages. INE forecasts harmonized CPI (IPCA) for August at 2.4%; This is well below the 5.3% rate predicted for the euro area as a whole.