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Spain March Inflation Rate Confirmed Higher at 3.2%
Spain's annual consumer price inflation was confirmed at 3.2% in March 2024, up from February's six-month low of 2.8%. Upward pressure came primarily from prices of housing & utilities (+1.5% vs -2.7% in February), of which electricity on the VAT rise; transportation (+2.9% vs 2.4%), notably fuels; and recreation & culture (+3.8% vs +2.8%). Meanwhile, price growth decelerated for food & non-alcoholic beverages (+4.3% vs +5.3%). The core rate slowed to 3.3% in March, the lowest since February 2022, from 3.5% in February, in line with preliminary estimates. Spain's European Union-harmonised 12-month inflation accelerated to 3.3% in March, compared with February's reading of 2.9%, slightly higher than 3.2% in the preliminary estimate. Compared to the previous month, the national CPI inched up by 0.8% in March, matching the preliminary estimate; and the EU harmonized rose by 1.4%, slightly above the earlier estimate of 1.3%.
Published on 2024-04-12

Spain Inflation Rate Rises to 3.2% in March
Spain's consumer price inflation rate rose to 3.2% year-on-year in March 2024, up from February's six-month low of 2.8% and in line with with market expectations, a preliminary estimate showed. Electricity and fuel prices rose, while the cost for food and non-alcoholic beverages increased at a slower pace. The core rate, excluding volatile items like food and energy, eased to 3.3% from the previous month's 3.5%, marking the lowest level since February 2022. Spain's European Union-harmonised 12-month inflation accelerated to 3.2% from 2.9%, but came in slightly below the market consensus of 3.3%.
Published on 2024-03-27

Spain Inflation Rate Confirmed at 6-Month Low
The annual inflation rate in Spain fell to 2.8% in February 2024, the lowest in six months, from 3.4% in January and in line with preliminary estimates. Prices eased for food & non-alcoholic beverages (5.3 percent vs 7.4 percent in January), recreation & culture (2.8 percent vs 3.1 percent), miscellaneous goods & services (3.3 percent vs 3.4 percent), clothing & footwear (1.9 percent vs 2.5percent), furniture & household equipment (1.4 percent vs 1.7 percent), and communication (0.4 percent vs 0.5 percent). Additionally. prices fell for housing & utilities (-2.7 percent vs 1.5 percent) while inflation was steady for education (at 2.8 percent) and health (at 2.2 percent). On the other hand, cost rebounded for transport (2.4 percent vs -0.1 percent) and prices accelerated for restaurants & hotels (5.5 percent vs 5.4 percent) and alcoholic beverages & tobacco (4.7 percent vs 4.2 percent). On a monthly basis, consumer prices went up 0.4 percent, following a 0.1% increase in January.
Published on 2024-03-14

Spain Inflation Drops to 6-Month Low of 2.8%
Spain's annual consumer price inflation rate likely fell to a six-month low of 2.8% in February 2024, down from 3.4% in the prior month and almost in line with market estimates of 2.7%, a preliminary estimate showed. This evolution is largely attributed to the decrease in electricity prices, in contrast to the rise observed in February 2023, and to the stability of non-alcoholic food and beverage prices, which had increased in the same month of the previous year. The core rate, excluding volatile items like food and energy, eased for the 7th straight month to 3.4% in February, the lowest since March 2022, compared to 3.6% in January. Spain's European Union-harmonised 12-month inflation dropped to a six-month low of 2.9% in February, from 3.5% in the prior month, matching market forecasts. Monthly, the national CPI edged up 0.3% in February, matching market forecasts; and the EU harmonized rose by 0.4%, compared to the consensus of a 0.2% increase.
Published on 2024-02-29

Spain Inflation at 3-Month High of 3.4% in January
Spain's consumer price inflation was confirmed at a three-month high of 3.4% year-on-year in January 2024, compared to 3.1% in December. The acceleration in overall inflation was primarily driven by a rebound in housing prices (+1.5% vs -5.9% in December), notably electricity (9.6% vs -17.3%) due to increased VAT charges on electricity bills. Additional upward pressure came from prices of food & non-alcoholic beverages (7.4% vs 7.3%); alcoholic beverages & tobacco (4.2% vs 3.4%) and hotels, cafes & restaurants (5.4% vs 5.5%). The annual core inflation eased to 3.6% in January, the lowest since March 2022, from 3.8% in December, as previously estimated. The European Union-harmonised 12-month inflation was at 3.5% in January, up from 3.3% in each of the previous two months, in line with the initial estimate. Compared to the previous month, the national CPI edged up 0.1% in January, matching the preliminary estimate; and the EU harmonized decreased by 0.2%, also matching prior estimates.
Published on 2024-02-15

Spain Inflation Unexpectedly Accelerates in January
Spain's annual consumer price inflation rose to 3.4% in January 2024, up from 3.1% in the previous month, while analysts had expected it to remain steady at 3.1%, a preliminary estimate showed. Main upward pressure came from prices of electricity. The core rate, excluding volatile items like food and energy, eased for the 6th straight month to 3.6% in January, the lowest since March 2022, compared to 3.8% in December. Spain's European Union-harmonised 12-month inflation edged higher to 3.5% in January, from 3.3% in each of the previous two months, and above market forecasts of 3.1%. Compared to the previous month, the national CPI edged up 0.1% in January, against market forecasts of a 0.2% fall; and the EU harmonized decreased by 0.2%, compared to the consensus of a 0.3% drop.
Published on 2024-01-30

Spain Inflation Rate Falls for 2nd Month
Spain's consumer price inflation was confirmed at 3.1% year-on-year in December 2023, compared to 3.2% in the prior month and marking the lowest rate since last August. The further easing in inflation was primarily attributed to another decline in prices of housing (-5.9% vs -5.7% in November) and a slowdown in those of food & non-alcoholic beverages (7.3% vs 9%). The core inflation rate, excluding volatile items like food and energy, was also confirmed at 3.8% in December, the lowest since March 2022, down from November's 4.5%. On a monthly basis, consumer prices were flat in December, matching the initial estimate, after a 0.3% fall in the prior month.
Published on 2024-01-12

Spain Inflation Unexpectedly Eases in December
Spain's consumer price inflation dipped slightly to 3.1% year-on-year in December 2023, compared to 3.2% in the previous month, falling below market expectations of 3.4%, a preliminary estimate showed. It was the lowest rate since August, primarily attributed to reduced fuel prices and a slowdown in the inflation of food & non-alcoholic beverages, and electricity. The core rate, excluding volatile items like food and energy, eased to 3.8% from November's 4.5%, marking the lowest level since March 2022. Spain's European Union-harmonised 12-month inflation stood at 3.3% in December, also below the market consensus of 3.6%.
Published on 2023-12-29

Spain Inflation Rate Confirmed at 3-Month Low
Spain's consumer price inflation was confirmed at 3.2% year-on-year in November 2023, down from 3.5% in the previous month and marking the lowest rate since August. Housing and utilities prices continued to decline (-5.7% vs -7.7% in October), while inflation slowed for food and non-alcoholic beverages (9.0% vs 9.5%), transport (0.0% vs 1.4%), restaurants and hotels (6.1% vs 6.3%), recreation and culture (2.5% vs 3.8%), furnishings and household equipment (2.7% vs 3.3%), and miscellaneous goods and services (4.2% vs 4.4%). The core rate, which excludes volatile items like food and energy, eased to 4.5% from October's 5.2%, marking the lowest level since April 2022. On a monthly basis, consumer prices fell by 0.3% in November, reversing the 0.3% rise seen in October.
Published on 2023-12-14

Spain Inflation Rate Falls in November
Spain's consumer price inflation rate eased to 3.2% year-on-year in November 2023, down from 3.5% in the previous month, a preliminary estimate showed. It was the lowest rate since August, mainly due to the decreases in the prices of fuel and tourist packages. Additionally, food and non-alcoholic beverages inflation slowed. The core rate, excluding volatile items like food and energy, eased to 4.5% from October's 5.2%, marking the lowest level since April 2022. Spain's European Union-harmonised 12-month inflation was 3.2% in November, down from 3.5% in October and below the market consensus of 3.7%.
Published on 2023-11-29

Spain Inflation Rate Steadies at 3.5% in October
Spain's annual consumer price inflation was confirmed at 3.5% in October 2023, still the highest in five months, unchanged from the prior month. Prices remained elevated for food & non-alcoholic beverages (9.5% vs 10.5% in September); alcoholic beverages & tobacco (7.6% vs 7.7%); and hotels, cafes & restaurants (6.3%, the same rate as in September). Additionally, prices fell less for housing & utilities (-7.7% vs -13.1%), namely electricity (-22% vs -38.3%). On the other hand, a sharp slowdown was seen for transportation (1.4% vs 3.8%), of which fuels for personal transport (1.5% vs 4.7%). The annual core inflation rate was at 5.2% in October 2023, the lowest since May 2022, down from 5.8% in September, matching initial estimates. Monthly, consumer prices rose by 0.3% in October, following a 0.2% increase in September, in line with the preliminary reading.
Published on 2023-11-14

Spain Inflation Rate Unchanged at 3.5% in October
Spain's consumer price inflation rate remained unchanged at 3.5% in October, aligning with the previous month's figure and falling short of the market consensus of 3.8%, a preliminary estimate showed. The core rate, excluding volatile items like food and energy, eased to 5.2% from September's 5.8%, marking the lowest level since May 2022. Nonetheless, both rates continued to significantly exceed the European Central Bank's target of 2%. Electricity prices fell less than they did in October 2022, while the cost of fuels experienced a sharp decline, and the prices of food and non-alcoholic beverages increased less compared to last year. On a monthly basis, consumer prices advanced by 0.2%, the same pace as in September and well below forecasts of 0.6%.
Published on 2023-10-30

Spain September Inflation Rate Confirmed at 5-Month High of 3.5%
Spain's annual consumer price inflation was confirmed at a five-month high of 3.5% in September 2023, up from August's 2.6%, primarily driven by a significant increase in transportation prices (+3.8% vs +1.2% in August), of which fuels and lubricants for personal vehicles. Additional upward pressure came from prices of food & non-alcoholic beverages (+10.5%, the same rate as in August); alcoholic beverages & tobacco (+7.7% vs +7.6%); hotels, cafes and restaurants (+6.3% vs +6.4%) and miscellaneous goods & services (+4.8%, the same as in August). In the meantime, prices declined much slower for housing & utilities (-13.1% vs -18%). The annual core inflation, which strips out volatile fresh food and energy prices, eased to 5.8% in September, the lowest since June 2022, down from August's reading of 6.1%, matching the initial estimate. On a monthly basis, consumer prices rose by 0.2% in September, slowing from a 0.5% increase in August, in line with the preliminary reading.
Published on 2023-10-13

Spain Inflation Rate Accelerates for 3rd Month
Spain's annual inflation rate rose for the third straight month to 3.5% in September 2023 from 2.6% in August, matching market forecasts, preliminary estimates showed. It was the highest inflation rate in five months mainly due to the rise in fuel prices and, to a lesser extent, liquid fuel prices, compared to the decreases in September 2022. The annual core inflation, which strips out volatile fresh food and energy prices, eased to 5.8% in September, down from August's reading of 6.1%. The EU-harmonized inflation was at 3.2% in September, up from 2.4% in August but below market expectations of 3.3%. On a monthly basis, consumer prices inched up by 0.2% in September, after increasing by 0.5% in August and slightly below market estimates of a 0.3% rise.
Published on 2023-09-28

Spain Inflation Rate Confirmed at 3-Month High of 2.6%
Spain's annual consumer price inflation was confirmed at a three-month high of 2.6% in August 2023, up from July's 2.3%. This increase was primarily due to a resurgence in transportation prices, which rose by 1.2% in August, contrasting with July's 5.3% decline, driven by higher costs of fuel and lubricants for personal vehicles. On the other hand, prices slowed down for some CPI items including food & non-alcoholic beverages (10.5% vs 10.8%); alcoholic beverages & tobacco (7.6% vs 7.8%); hotels, cafes & restaurants (6.4% vs 6.5%); and recreation & culture (7% vs 7.2%). The annual core inflation, which strips out volatile fresh food and energy prices, was 6.1% in August, down slightly from July's reading of 6.2%, matching initial estimates. The EU-harmonized inflation was at 2.4% in August, up from 2.1% in July, matching the preliminary estimate. On a monthly basis, consumer prices inched up by 0.5% in August, in line with the earlier estimate, after increasing by 0.1% in July.
Published on 2023-09-12

Spain Inflation Rate Quickens for 2nd Month
Spain's annual inflation rate rose for the second straight month to 2.6% in August 2023 from 2.3% in July, matching market forecasts, preliminary estimates showed. The increase in overall inflation was mainly due to the rise in fuel prices and, to a lesser extent, liquid fuel prices, compared to the decreases in August 2022. Electricity prices also went up this month, although less than in August 2022. The annual core inflation, which strips out volatile fresh food and energy prices, eased to 6.1% in August, down from July's reading of 6.2%. The EU-harmonized inflation was at 2.4% in August, up from 2.1% in July but below market expectations of 2.5%. On a monthly basis, consumer prices inched up by 0.5% in August, after increasing by 0.1% in July and slightly above market estimates of a 0.4% rise.
Published on 2023-08-30

Spain Inflation Rate Confirmed at 2.3%
Annual inflation rate in Spain increased to 2.3% in July 2023 from 1.9% in June which was the lowest reading since March 2021, matching the preliminary estimates. Cost of transport fell much less in July (-5.3% vs -7.6% in June), amid a rise in cost of fuels and lubricants for personal vehicles compared to the decline seen in July 2022. Also, prices were higher for clothing and footwear (2.1% vs 1.7%), recreation and culture (7.2% vs 5.2%), namely tourist packages. Prices for food and non-alcoholic beverages also rose at a faster pace (10.8% vs 10.3%) as cost for fruits and oils and fat have increased during the month, while they decreased in July 2022. On the other hand, cost for housing made the largest downward contribution (-14.9% vs -12.7%), mainly due to a fall in cost of electricity and natural gas, compared to a rise in July 2022. Meanwhile, annual core inflation rate edged higher to 6.2% from 5.9%.
Published on 2023-08-11

Spain Inflation Rate Unexpectedly Accelerates
Annual inflation rate in Spain unexpectedly edged higher to 2.3% in July 2023 from 1.9% in June which was the lowest reading since March 2021, and compared to market forecasts of 1.6%, preliminary estimates showed. The increase is mostly driven by a rise in prices of fuel while prices for clothing and footwear decreased less and cost of tourist packages rose more than in July of last year. On the other hand, prices for electricity and natural gas went down. Meanwhile, core inflation also accelerated to 6.2% from 5.9%. Compared to the previous month, consumer prices edged 0.1% higher.
Published on 2023-07-28

Spain Inflation Rate Confirmed at Over 2-Year Low of 1.9%
Spain's annual consumer price inflation was confirmed at 1.9% in June 2023, the lowest since March 2021, down from 3.2% in May. Prices slowed down for food & non-alcoholic beverages (10.3% vs 12% in May), primarily because fruits, bread and cereals, and meat experienced slower increases compared to June 2022. Concomitantly, further declines were seen in prices of housing & utilities (-12.7% vs -10.5%), namely electricity, gas and other fuels (-30.3% vs -26.7%) and transportation (-7.6% vs -3.7%), of which fuels such as diesel (-21.6% vs -15.5%) and petrol (-16.7% vs -8.4%). The annual core inflation, which strips out volatile fresh food and energy prices, was confirmed at a one-year low of 5.9% in June, below 6.1% in the period through May. The EU-harmonized inflation was at an over two-year low of 1.6% in June, as initially estimated, below 2.9% in May. On a monthly basis, consumer prices were up by 0.6% in June, matching an earlier estimate, after being flat in the previous month.
Published on 2023-07-12

Spain Inflation Falls, Core Rate Remains High
Spain's consumer price inflation decreased to 1.9 percent year-on-year in June 2023, dipping below the European Central Bank's target of 2.0 percent for the first time since March 2021, a preliminary estimate showed. However, it exceeded market expectations of 1.7 percent. Meanwhile, core inflation, which excludes volatile fresh food and energy prices, stood at 5.9 percent year-on-year, slightly lower than the 6.1 percent recorded in the previous period through May, but still indicating persistent inflationary pressures. In June, prices of fuels, electricity and food and non-alcoholic beverages all rose at a slower pace. On a monthly basis, consumer prices advanced 0.6 percent, after being unchanged in May.
Published on 2023-06-29