• Core inflation stands at 1%
  • Increase the favorable inflation differential for Spain with the euro zone up to 0.7 points

The interannual rate of the general CPI was reduced by two tenths in September 2019, standing at 0.1%. This decrease is mainly due to the fall in energy prices, particularly those of electricity.

During the month of September, the prices of energy products decreased 6.6%, a reduction of 2.1 points higher than in August. This drop was mainly due to the 17.1% year-on-year fall in electricity prices, almost four and a half points more than in August, partly influenced by a base effect associated with the increase recorded in September 2018. They also contributed to the fall in energy prices, although to a lesser extent, fuels and lubricants, with a reduction of 1.9%, higher by nine tenths than in August, and the gas that fell 5.2%, compared to the 4.1% reduction from the previous month.

The prices of unprocessed food increased 1.3% year-on-year, two tenths less than in August. Highlights in this evolution the lower growth of prices of vegetables and fresh vegetables, 7.2%, compared to 11.4% in the previous month.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), increased one tenth in September, to 1%. By components, the growth rate of service prices increased by one tenth, to 1.5%, while those for processed food and non-energy industrial goods remained at 0.6% and 0.4 %, respectively.

In September, the annual rate of the CPI decreased in all the autonomous communities, except in the Balearic and Canary Islands, where it is maintained. The largest decrease occurs in Extremadura, with a reduction of four tenths, standing at -0.4%.

The interannual rate of the CPI to constant taxes was 0% in September, one tenth below that registered by the general CPI.

The INE has also published the harmonized CPI (CPI) for the month of September, whose annual rate is also reduced by two tenths, up to 0.2%. The inflation advanced by Eurostat for the whole of the euro zone stands at 0.9% in the same period, resulting in a favorable differential for Spain of 0.7 percentage points, higher by one tenth than the previous month.

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