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2022 10 14T075427Z 1 LYNXMPEI9D0CI RTROPTP 4 SPAIN ECONOMY INFLATION - Business Express
FILE PHOTO: Customers shop at a local market in Madrid, Spain, August 12, 2022. REUTERS/Susana Vera

Spain September final 12-month inflation revised down to 8.9%


MADRID (Reuters) – Spanish consumer prices rose 8.9% year-on-year in September, down from 10.5% in the period through August and slightly below the flash estimate of 9.0% released two weeks ago, final data released by the National Statistics Institute showed on Friday.

Spain’s 12-month inflation in September was its slowest rate since May 2022. Analysts polled by Reuters saw the 12-month inflation to September running at 9.0%.

Although inflation has softened from a peak in July, it remained high due mainly to a massive electricity price increase and soaring food and non-alcoholic beverage prices which grew 14.4% in September, the fastest pace since January 1994, INE said.

Core inflation, which strips out volatile food and energy prices, fell to 6.2% year-on-year in September, from 6.4% registered in August.

Spanish Finance Minister Nadia Calvino welcomed the news on Friday and said the downward trend was accelerating and she hoped it would continue.

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The Bank of Spain this month projected annual EU-harmonised inflation to end 2022 at 8.7%, up from a previous expectation of 7.2%. It expects a still hefty inflation rate of 5.6% in 2023 before it falls to 1.9% by 2024.

INE revised the 12-month European Union-harmonised price increase to 9.0%, down from a previous estimate of 9.3%.

 

(Reporting by Joao Manuel Mauricio in Gdansk, editing by Inti Landauro and Emelia Sithole-Matarise)

 

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