The Consumer Price Index (CPI) stagnated in August compared to the previous month but cut its year-on-year rate by six tenths, to 2.2%, its lowest figure since June 2023, when it stood at 1.9%, according to data released Thursday by the National Statistics Institute (INE).
The agency has explained that the moderation of the CPI to 2.2% is due to the cheapening of fuels, which rose in August 2023 and, to a lesser extent, to the lower cost of food, which this month have lowered their prices more than they did a year ago.
With the decrease in the year-on-year CPI in the eighth month of the year, Inflation chains three consecutive months of decreases after the rises experienced in March, April and May, which led the CPI to climb to 3.6%.
The INE includes in the CPI advance data an estimate of core inflation (without unprocessed food and energy products), which in August moderated by one tenth of a percentage point to 2.7%, its lowest value since January 2022 and five tenths above the general rate.
In monthly terms (August over July), the CPI did not change with respect to the previous month, in contrast to the 0.5% decline recorded in July and the 0.5% monthly increase in August 2023.
The INE will publish the final CPI data for August on September 12.
