Financial News: Spain Inflation Confirmed At 2.8%

Spain Inflation Confirmed At 2.8%

08/13/2024 - 06:23:00 (RTTNews)

(RTTNews) - Consumer price inflation softened in Spain as expected in July to the lowest level in five months, the latest data from the statistical office INE showed on Tuesday.

Consumer price inflation eased to 2.8 percent in July from 3.4 percent in June. A similar lower rate was last reported in February. That was in line with the flash data published on July 30.

The annual price growth in housing eased to 3.2 percent in July from 5.1 percent in June, driven by a fall in electricity costs. Similarly, the inflation based on food and beverages index, moderated to 3.1 percent from 4.2 percent.

Underlying inflation, which excludes prices of non-processed food and energy, also slowed to 2.8 percent in July from 3.0 percent, as estimated.

EU harmonized inflation eased to a five-month low of 2.9 percent in July from 3.6 percent in June.

On a monthly basis, consumer prices posted their first drop in eight months. Prices eased 0.5 percent, offsetting the 0.4 percent rise in June. There was no change in figures compared to the earlier estimate.

The harmonized index of consumer prices registered a 0.7 percent drop, in contrast to the 0.4 percent rise a month ago, as estimated.

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