CdM | The Consumer Price Index (CPI) remained at 2.7% year-on-year in August, thanks to food and electricity prices offsetting fuel prices, according to data released on Friday by the National Statistics Institute (INE).
The stability of the year-on-year CPI in the eighth month of the year slows down the rise in the inflation rate experienced during the previous two months.
The agency explained that the CPI remaining at 2.7% is due to the upward influence of fuel, whose prices fell less than in August 2024, and the downward influence of food and non-alcoholic beverages, whose prices fell more than in the previous year, and electricity, which rose less sharply than in August last year.
‘Price stability and wage increases are allowing families to gradually recover their purchasing power,’ said the Ministry of Economy, Trade and Business in its assessment of the preliminary CPI data for August.
The INE includes in its preliminary CPI data an estimate of core inflation (excluding unprocessed food and energy products), which rose by one tenth of a percentage point in August to 2.4%, its highest level since last April.
With this advance, core inflation has risen for two consecutive months.
Prices stagnate during the month in monthly terms (August compared to July), the CPI remained unchanged, in contrast to the 0.1% drop recorded in the previous month, which broke nine consecutive months of monthly increases.
For its part, the harmonised CPI (HICP) also remained stable in August at 2.7% year-on-year, with no monthly variation. Core HICP inflation is estimated at 2.4% for the eighth month of the year, according to Statistics.
The INE will publish the final CPI data for August on 12 September.
