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.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
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)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.
