On an annual rate, Spain’s CPI (Consumer Price Index) rose by 2.9% in September (up from 2.7% in August), a reading slightly below the consensus expectation of a 3.0% increase. This places inflation at its highest level in seven months. This development is mainly a result of fuel and electricity prices falling less this month than they did in September 2024.
Meanwhile, core inflation, which excludes the prices of unprocessed food and energy, rose by 2.3% in September, a slight decrease from the 2.4% rise recorded in August.
Finally, and also according to its preliminary reading, the Harmonized CPI (HICP) rose by 0.1% in September compared to August, while the annual rate climbed to 3.0% (up from 2.7% in August). In this case, analysts expected a greater monthly increase of 0.3%, and an annual rate of 3.0%, which is in line with the actual reading.
