- Spain’s inflation rate falls to 10.4% in August, down from 10.8% in July.
- Spain is the first major economy in the eurozone to report pricing data.
- The annual rate of core inflation remains at 6.4%, highest since January 1993.
Fuel prices went down, which helped bring Spain inflation rate down to 10.4% in August, even though the prices of other goods and services kept going up according to the national statistics agency.
The quick estimate of Spanish inflation in August was a little bit higher than what economists polled by Reuters had thought it would be.
But that was a drop from July when prices went up by 10.8%, which was the fastest price growth in the country since 1985.
Spain is the first major economy in the eurozone to report prices for the month of August.
The overall numbers for the bloc, which will be released by Eurostat on Wednesday, are expected to reach 9%, which would be the highest since the start of the single currency.
Spain is the first major economy in the eurozone to report pricing data.
The national statistics office of Spain said that the cost of power, food, eating out, and package holidays continued to rise at a “notable” pace in the month of August.
According to the report, the annual rate of core inflation in Spain reached 6.4% in the year leading up to August, which was the highest rate seen since January 1993 and excluded prices for processed foods and energy.
In August, consumer prices in Spain experienced a rise of 0.1 percentage points as compared to the previous month.
