CPI

Inflation in the Spanish state in September stood at 4.9%, six tenths higher than in August, the highest rate since February 2023. 

The increase in demand and the increase in gas are both factors, according to experts. 

The tax cuts imposed by the Spanish Government have had a limited impact on the pockets of consumers, with sales in most cases being just a few days. 

The year-on-year index is at its highest level in the last 3 years, and it is mainly fuel increases that have led to the rise in the CPI. 

Inflation has risen seven tenths higher than in July (3.6%), putting inflation at its highest level since February 2023. Eragin, albeit to a lesser extent, the food and non-alcoholic beverage group, whose prices have fallen less in August.

Underlying inflation (excluding energy and fresh food) rose by a tenth in July to 3%.

The year-on-year rate of the Consumer Price Index (CPI) stands at 3.2% in the ACV (third consecutive month) and 2.7% in the Foral Community, according to data published this Wednesday by the National Institute of Statistics.

In May, the CPI grew by 0.2% in Euskadi and 0.1% in Navarre, while the year-on-year rate remained at 3.2% in both communities, according to data published this Friday by the INE.

The agency led by Christine Lagarde has responded to rising inflation in May, rising to 3.2% driven by energy, leaving interest rates at 2.25%.

In terms of underlying inflation (excluding energy and fresh food), it rose by a tenth in May to 2.9%.

The reduced rates of fuel (petrol, diesel and biofuels, and partial return of professional diesel) and hydrocarbon tax will remain in force until 30 June, as inflation for these products remains above the 15% threshold set by the government in April.

It is the fuels that continue to exert the greatest upward pressure, a sign that the shock caused by the war in Iran continues. However, this effect has been somewhat mitigated by the fall in the price of electricity and the fiscal measures adopted by the Spanish Government. 

March inflation has been one tenth higher than expected in the Spanish State, following the rise in fuel prices.

Food prices were maintained in February, with eggs and fresh fruit being the most expensive. The shopping basket recorded monthly and annual increases, and there is tension in various commodities.

After three consecutive months of declines, year-on-year inflation has fallen in the Basque Country in February due to the rise in catering and food prices, while electricity has fallen.

According to data published this Thursday by the National Institute of Statistics (INE), the rate recorded in the Basque Country is equal to the Spanish average of 2.9%, while that of Navarre is below the average.

The final data and group details will be published on 15 January.

At the beginning of the year, the prices of certain products and services will be updated. For certain prices, such as food or housing, it is difficult to predict, but the circumstances of others are known. Here is a summary of the latter. 

On the other hand, contributory pensions will increase by around 2.7% by 2026, according to the revaluation formula provided for in the pension reform law, which takes into account the average annual CPI from December to November.

Among the sectors that have pushed prices up in the last month are clothing and footwear, due to rising prices at the beginning of the season; food and alcoholic beverages, due to the rise in fruit, meat, milk, cheese, eggs and oils and fats; and housing, due to the increase in electricity and, to a lesser extent, gas.