Fuel pushes August inflation higher in Spain and France
Annual consumer inflation rose to 4.3 per cent in Spain and 2.4 per cent in France in August. Fuel was the main driver in Spain; Insee reported that French energy prices rose 16.7 per cent year on year, driven by petroleum products. Spain's core rate was 2.9 per cent while French services inflation slowed to 2.0 per cent.
Economics & Markets··Evening
Spain's annual rate reaches 4.3
Spain's flash consumer price index rose 4.3 per cent year on year in August, an increase of 0.7 points from July's rate. Core inflation eased to 2.9 per cent while the harmonised measure used for euro-area comparisons reached 4.5 per cent. The Instituto Nacional de Estadística attributed most of the acceleration to fuel and lubricant prices for private vehicles, which had fallen in the same month of 2025. Food and non-alcoholic beverages also supported the annual rate by declining less sharply than a year earlier. Consumer prices rose 0.7 per cent on the month and the harmonised index gained 0.6 per cent.[1]
Petroleum products lift France's headline rate
French consumer inflation accelerated to 2.4 per cent year on year in August from 2.1 per cent in July. The harmonised index also rose from 2.4 per cent to 2.7 per cent. Insee's provisional estimate put annual energy inflation at 16.7 per cent, driven by petroleum products. Services inflation, by contrast, slowed to 2.0 per cent and manufactured-goods prices fell 0.4 per cent. Food prices increased 1.1 per cent and tobacco prices 3.3 per cent. Consumer prices rose 0.7 per cent on the month and the harmonised index gained 0.8 per cent. Insee will publish the final August figures on 15 September.[2]
Headline acceleration masks a split underneath
According to the two institutes' flash estimates, energy lifted the August headline rate in both countries, but other parts of the price basket gave a softer reading. Core inflation eased in Spain, while services inflation slowed and manufactured-goods prices declined in France. The Instituto Nacional de Estadística attributed Spain's jump mainly to fuel prices, while Insee reported that petroleum products drove France's rise in energy prices. Both statistical offices described their August readings as provisional, leaving room for small revisions in the final releases. Spain's final estimate is due in September.[1], [2]
