Title : Spain September final 12-month inflation revised down to 8.9%
Oct 14, 2022 04:07AM ET
Final data released by the National Statistics Institute showed on Friday that Spanish consumer prices rose 8.9% year-on-year in September, down from 10.5% in the period to August and slightly below the flash estimate of 9.0% released two weeks ago.
Spanish 12-month inflation in September was at its lowest rate since May 2022. Analysts polled by Reuters saw the 12-month inflation rate in September at 9.0%.
Although inflation has softened from a peak in July, it remains high mainly due to a massive increase in electricity prices and higher food and non-alcoholic beverage prices, which rose 14.4% in September, the fastest pace since January 1994, the INE said.
Core inflation, which excludes volatile food and energy prices, fell to 6.2% year-on-year in September, down from 6.4% in August.
Spanish Economy Minister Nadia Calvino welcomed the news on Friday and said the downward trend was accelerating and that she expected it to continue.
The Bank of Spain projected this month that annual inflation harmonized with the EU will end 2022 at 8.7%, up from a previous expectation of 7.2%. It forecasts a still-high inflation rate of 5.6% in 2023, before falling to 1.9% in 2024.
The INE has revised the 12-month increase in harmonized prices in the European Union to 9.0%, up from the previous estimate of 9.3%.