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Spain 12-month inflation rises to 2.6% in August driven by fuel

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-Spanish national consumer prices rose 2.6% in the year through August, driven by the increased cost of fuel, up from a 2.3% increase during the 12 months through July, final data from the National Statistics Institute (INE) showed on Tuesday.

The reading confirmed the flash estimate released by INE two weeks ago. Analysts polled by expected an average 2.6%.

The annual inflation rate increase was mainly due to higher prices of fuel and lubricants compared with the decline they saw in August 2022, INE said.

A few food staples such as olive oil and sugar, which rose more than 52% and 42% year-on-year respectively, also pushed the index up. But housing prices were lower.

Core inflation, which strips out volatile fresh food and energy prices, was 6.1% in the 12 months through August, down from 6.2% in the 12 months through July, INE said.

The 12-month European Union-harmonised inflation was 2.4%, the same level as the flash estimate and the forecast by analysts polled by

Despite the small increase in August, the inflation rate was one of the fastest to decline in the euro zone after it peaked at 10.8% in July 2022 and stands now close to the European Central Bank’s 2% target.

The European Commission on Monday lowered its 2023 EU-harmonised inflation forecast in Spain to 3.6% from a prior 4%, widening the gap with the rest of the euro zone, where it expects the rate to end the year at 5.6%.

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