The rise in fuel prices in the middle of the high tourist season was felt in the inflation data for August. Prices tightened by three tenths last month, placing the interannual rate at 2.6%, at levels still close to the objective of the European Central Bank (ECB). Despite this, household budgets continue to be strongly pressured by the increase in the cost of food and non-alcoholic beverages, which, although their growth is moderating, continue to increase by an average of 10.5% compared to the same month a year ago.
In some products, such as olive oil, the purchase receipt in August marked a 50% increase in relation to the same month a year ago. In others, such as milk, cheese and eggs, prices stabilize, while fruit becomes cheaper and meat becomes more expensive, but less than in August 2022. Thus, pork prices rise by 15.6% in relation to the Previous year, beef prices increased by 6.8% and the price of poultry meat increased by 3%.
The data made public this Tuesday by the National Institute of Statistics (INE) confirm that underlying inflation, which excludes energy and fresh food prices from its calculation because they are more volatile, moderates by one tenth to 6. 1%, although it has remained above the 6% level for more than a year, which would confirm that the rise in prices has been generalized.
From the Government in office, Spain is consolidating itself as the European economy with the highest growth and lowest inflation, which favors the competitiveness of companies and the purchasing power of salaries. “Our Economic Policy works because it has allowed us to lower inflation eight points in a year in a flat rate throughout Europe,” said the first vice president and acting minister of economic affairs and digital transformation, Nadia Calviño.
