- Core inflation remains at 0.9%
- The favorable inflation differential for Spain with the euro zone increases to 0.6 pointsSeptember 13, 2019.
The general CPI year-on-year rate decreased two tenths in August 2019, standing at 0.3%, This reduction is mainly due to the fall in energy prices, in particular electricity prices.
The prices of energy products fell 4.5% in August, a reduction 2.1 points higher than in July. This decrease was mainly due to the 12.7% year-on-year drop in electricity prices, almost six points more than in July. Also contributing to the fall in energy prices, although to a lesser extent, fuels and lubricants, with a reduction of 1%, and gas, which fell by 4.1%.
Unprocessed food prices increased 1.5% year-on-year, one tenth less than in July. In this evolution, the interannual fall of 7.3% in the price of fresh fruits stands out.
Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), remained stable in August at 0.9% year-on-year. By components, the growth rate of service prices remained at 1.4%, while those of processed food and non-energy industrial goods increased one tenth, to 0.6% and 0.4%, respectively.
In August, the interannual rate of the CPI decreased in all the autonomous communities. The greatest decreases occurred in Galicia and Asturias, communities in which the CPI fell four tenths, standing at 0.1% and -0.1%, respectively.
The annual rate of the CPI for constant taxes stood at 0.2% in August, one tenth below that registered by the general CPI.
The INE has also published the harmonized CPI (HICP) corresponding to the month of August, whose interannual rate also decreased two tenths to 0.4%. Inflation advanced by Eurostat for the euro area as a whole stood at 1% in the same period, resulting in a favorable differential for Spain of 0.6 percentage points.
