Fuels have caused a rise of three tenths of inflation in August, reaching 2.6%. It is confirmation of the advance data published by the INE on August 30. In this way, the forecasts are confirmed: second consecutive month of increase in inflation and with expectations that the trend will continue upwards until the end of the year, but with percentages, 2.6%, that have nothing to do with those of August of last year, and which maintains Spain as one of the EU countries with the lowest inflation.
It is the heads and tails of the August data. Inflation is certainly low, but it is picking up. It has done so throughout the summer, after the magnificent 1.9% in June. That was the bottom, and both July and August have seen an increase of four and three tenths respectively.
The rebound comes mainly from the increase in energy prices, especially fuel, which have increased in contrast to the decreases recorded in August 2022.
On the other hand, core inflation, which does not take into account energy or fresh food, remains above 6%. On this occasion, it has decreased by a single tenth, remaining at 6.1%. In this way, it has been around this percentage for four months, in a downward trend, but very gradually. Although the forecast is that it will reduce, it is costing it, and it is a significant piece of information because it initiates the underlying price trends.
The First Vice President and Minister of Economy, Nadia Calviño, highlighted that "inflation remained below 3% and food inflation moderated", which consolidates Spain as "the European economy with the highest growth and lowest inflation." .
