Spain’s preliminary inflation jumps to 4.9% in September
Spain’s preliminary annual inflation rate rose from 4.3% in August to 4.9% in September. The statistics office linked the acceleration partly to motor fuel prices rising this September after falling a year earlier, with package holidays also contributing. The flash reading puts fresh attention on household prices, while final figures may still refine the estimate.
Economics & Markets··Evening
September’s flash reading exceeds August’s final rate
Spain’s National Statistics Institute put annual consumer price inflation at a preliminary 4.9% in September, up from August’s final 4.3%. El País also reported the September increase and the role of fuel prices. The difference is 0.6 percentage point, a change in the annual rate rather than a monthly price rise. The institute separately estimates that the overall consumer price index rose 0.3% between August and September. These figures describe the agency’s first estimate for the month, with the definitive release still to follow.[1], [2]
Fuel and holidays lift the annual comparison
Motor fuels and lubricants became more expensive this September, whereas they became cheaper in the same month last year, the institute said. Package holidays also declined less than they had a year earlier. Those comparisons are among the components in the annual overall rate accelerated even though they do not describe every item in the household basket. Excluding energy and unprocessed food, the preliminary annual rate reached 3.1%, up 0.2 percentage point from August. That narrower measure shows a separate part of the price picture.[1]
Harmonised measure reaches 5.0%
The preliminary annual rise in Spain’s harmonised consumer price index reached 5.0%, 0.4 percentage point above August. This index uses a common approach for comparisons among European countries, so it is a different measure from Spain’s national index. The harmonised rate excluding energy and unprocessed food was estimated at 3.2%, while the monthly change in the overall harmonised index was 0.6%. The statistics office says it will publish the final September figures next month; the flash estimates may be revised.[1]
