In August, Spanish inflation experienced another surge, surpassing the eurozone targets, primarily due to the rise in fuel prices.
According to data released by the Spanish statistics office INE on Wednesday, consumer prices rose by 2.4% in August compared to the same month last year, harmonized to European Union standards. This shows a slight increase from the 2.1% recorded in July and pushes price rises even further above the European Central Bank’s target of 2%.
INE attributed the increase in inflation primarily to higher fuel prices, which had been relatively lower during the same period last year.
When measured by national standards, the inflation rate also rose from 2.1% in July to 2.4% in August. However, core inflation, which excludes the effects of energy and some food prices, experienced a slight decrease to 6.1%. Even though this remains higher than the eurozone’s core rate of 5.5% in July, it is important to note that a direct comparison cannot be made since Spain’s core rate includes processed foods.