The inflation rate fell by six tenths in August to 2.2%, its lowest figure since June 2023 when it was 1.9%, according to progress published today by the National Institute of Statistics.
The INE stressed that the moderation of the CPI to 2.2% is due to the cheaper fuelup in August 2023 and, to a lesser extent, at the lowest cost of foodwhich this month have lowered their prices more than a year ago.
With the year-on-year decline in the CPI in the eighth month of the year, Inflation falls for three consecutive months after the increases recorded in March, April and May, which led the CPI to climb to 3.6%.
The INE includes in the overview of the CPI data an estimate of the underlying inflation (excluding unprocessed foods and energy products), which in August moderated by one tenth, to 2.7%her lowest value since January 2022 and five tenths above the general rate.
In monthly terms (August to July), The CPI showed no change compared to the previous month, contrasting with the 0.5% decrease recorded in July and the monthly increase of 0.5% in August 2023.
INE to publish final CPI data for next August September 12.
He Minister of Economy, Trade and Business, Carlos Bodydescribed as “good news” the moderation of the CPI in August to 2.2%, “the lowest rate in the last year”, thanks to the fall in fuel and food prices.
“So we continue, This process of moderating prices towards the European Central Bank's 2% target“Stressed body.
“These good data, in short, what they tell us is that the government's economic policy measures are effective, effective because they allow to make one of the highest growth rates in the eurozone compatible with this gradual moderation of prices and the recovery of household purchasing power,” the minister stressed.
“These good data show that the Government's economic policy measures are effective, because they make it possible to make one of the highest growth rates in the eurozone compatible with this gradual moderation of prices and the recovery of household purchasing power.”