The National Institute of Statistics (INE) reported that inflation, which showed a decrease in the level in July, is mainly due to the reduction in electricity prices compared to the previous year. In September, the Consumer Price Index (CPI) reached six tenths, recording an annual increase of 2.8%. This CPI excludes energy and fresh food to avoid excessive fluctuations, and is below the 3% that has been maintained for two months.
The IPC caída in September is produced between two months of descent, after the experimental peaks in March, April and May. In July, the CPI reached its lowest level since February, holding at 2.8%. Subyacent inflation, for its part, remains stable in July, with the lowest price from 2022.
A major factor in the price evolution is olive oil, which has seen a 38% increase since June. This is due to the elimination of VAT on this product, which came into effect on July 1. Although olive oil has seen a 3.7% decrease in the last year, other food prices, such as fruit sugars, chocolate and sheep meat, have increased significantly.
In general, some foods have seen their prices fall, such as other edible oils and certain dairy products. Outside the food sector, increases are noted in maritime transport and security services, while the prices of cell phones and natural gas have decreased.
The Ministry of Economy has established this inflation data to enhance the Spanish economy's ability to stabilize compared to other countries in the eurozone. If you have observed a trend towards lower food inflation, this helps to reduce your differential with general inflation.
Finally, the Indice Armonizado de Precios de Consumo (IPCA), used by Brussels, showed an annual rate of 2.9% in September, six tenths less than June.
