Spain Inflation Eases Less Than Estimated

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Spain’s consumer price inflation eased less than initially estimated in August, latest figures from the statistical office INE revealed on Tuesday.

The consumer price index climbed 10.5 percent year-over-year in August, slower than the 10.8 percent rise in July, which was the strongest inflation since September 1984.

That was just above the 10.4 percent rise initially estimated on August 30.

Meanwhile, underlying inflation that excludes non-processed food and energy products rose to 6.4 percent from 6.1 percent a month ago. This was the strongest since January 1993.

The slowdown in overall inflation was driven by the development in fuel prices. On the other hand, prices of electricity, food, restaurants and package holidays registered strong growth.

Housing costs alone surged 24.8 percent from last year, and prices of food and non-alcoholic beverages rose 13.8 percent.

On a monthly basis, the consumer price index moved up 0.3 percent, reversing a 0.3 percent fall in July. The latest figure was revised up from 0.1 percent.

EU harmonized inflation slowed to 10.5 percent in August from 10.7 percent in July. In the initial estimate, the rate of increase was 10.3 percent.

Monthly, the harmonized index of consumer prices was up 0.3 percent, reversing July’s 0.6 percent fall. The monthly rise for August was 0.1 percent in the flash data.

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