Inflation in Spain has once again accelerated, reaching 2.6% on an annual basis in August. This follows a decrease to under 2% in June, according to preliminary estimates released by the National Institute of Statistics on Wednesday.
This increase in prices, which is yet to be confirmed, is 0.3 percentage points higher than July's figure of 2.3%.
In June, inflation significantly slowed down in Spain, reaching 1.9%, returning for the first time since March 2021 to the European Central Bank's targeted rate of 2%.
Despite this renewed rise, the inflation rate in Spain remains considerably lower than the rate recorded in the Eurozone, where price increases reached 5.3% on an annual basis in July.
According to the National Institute of Statistics, the reacceleration of inflation in August is primarily attributed to the increase in fuel prices, much like it was in July.
The harmonized index of consumer prices, which allows for comparisons with other countries in the Eurozone, reached 2.4%, 0.3 percentage points higher than July's figure of 2.1%, as reported by the institute.
As for the core inflation, which excludes energy prices and is adjusted to account for seasonal changes, it decreased by 0.1 percentage points to reach 6.1% on an annual basis.
Inflation in Spain had risen after the start of the conflict in Ukraine, peaking at 10.8% in the summer of 2022. This prompted the socialist government led by Pedro Sanchez to implement supportive measures, including a reduction in value-added tax on essentials and lowered taxes on fuel.
