• Energy prices moderate their fall mainly due to the lower decrease in electricity prices
  • Core inflation falls two tenths, to 0.4%
  • A favorable inflation differential for Spain is maintained compared to the euro zone, standing at 0.4 percentage points

The interannual rate of the general CPI increased one tenth in August compared to the previous month, to -0.5%.

The prices of energy products attenuated the fall by 1.4 points, to -9.3% year-on-year, mainly due to electricity prices, which fell -5.9%, 4.7 points less than in July. Fuel prices also moderated their fall, three tenths, to -12.2%, while gas prices fell 6.2%, a fall five tenths more intense than that of the previous month.

The prices of unprocessed food increased by 3.5% year-on-year, four tenths more than the previous month, mainly due to the acceleration in the prices of fresh or chilled fruits, which stood at 10.9%, compared to 9.6% from the previous month. This variation was due to the significant decrease in prices in August 2019 and, to a lesser extent, to the evolution of the prices of fresh legumes and vegetables, whose inter-annual variation rate increased 1.1 points, to stand at 0 , 8%.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), decreased two tenths, to 0.4% year-on-year. This decrease is due to the slowdown in the prices of the three components.

The growth rate of the prices of services fell two tenths to 0.2%, largely due to the evolution of the prices of tourist packages, which fell 7% compared to -4.3% in July, due to the base effect derived from a monthly price growth lower than that of August of last year. On the contrary, the prices of tourist accommodation moderated their fall by 2.3 points, to -8.8. The prices of processed foods grew 1.2%, also two tenths less than the previous month. For its part, the variation rate of industrial goods excluding energy products fell one tenth, to 0.3%.

In August, the interannual rate of the CPI decreased compared to July in three autonomous communities: the Canary Islands and Cantabria, where it decreased two tenths, to 0.5% and -0.6% respectively, and in the Balearic Islands it did so one tenth, to -0.7%. The greatest increase occurred in the Autonomous Community of Navarra, four tenths, to -0.9%.

The interannual rate of the CPI at constant taxes was -0.5% in August, the same as that of the general CPI.

The INE has also published the harmonized CPI (IPCA) corresponding to the month of August, whose interannual rate has increased by one tenth, to -0.6%. Inflation advanced by Eurostat for the euro zone as a whole stood at -0.2% in the same period, with the favorable differential for Spain at 0.4 percentage points, seven tenths less than in July.

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