Prices moderated in September as the Consumer Price Index (CPI) stood at 8.9% year-on-year, one tenth less than the figure put forward two weeks ago by the National Institute of Statistics (INE). The data confirms that the upward trend in inflation is beginning to reverse, which closed at 10.5% in August, more than one and a half points higher than the September rate. The bad news is that food price increases have broken records.
Core inflation -which does not take into account the effect of unprocessed food or energy products- also fell two tenths, to 6.2%. Likewise, the monthly variation rate of the CPI was seven tenths lower than that of August.
The moderation in prices is attributed above all to the drop in electricity, the drop in the price of fuels and lubricants, as well as the drop in transport services compared to the prices registered a year ago. On the other hand, food and non-alcoholic beverages rose by 14.4% year-on-year, six tenths more than in August. It is the highest rate since the beginning of the series, in January 1994. “Outstanding in this behavior are the increases in the prices of legumes and vegetables, milk, cheese and eggs and meat, higher this month than in 2021,” they point out. from the INE.
“The reduction in inflation highlights the positive impact of the measures put in place to cushion the rise in prices, especially related to transport,” they highlight from the Ministry of Economic Affairs.
Prices decreased in year-on-year terms in September in all the autonomous communities, although the greatest decreases were registered in Extremadura, Castilla-La Mancha and Comunitat Valenciana, with decreases of around two points. In contrast, prices fell to a lesser extent in Navarra and the Canary Islands, where the CPI rate closed with a variation of less than one and a half points.
