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Financial News: Spain's Consumer Prices Fall For Fifth Month

Spain's Consumer Prices Fall For Fifth Month

09/11/2020 - 04:16:00 (RTTNews)

(RTTNews) - Spain's consumer prices declined for the fifth consecutive month in August, as initially estimated, final data from the statistical office INE showed on Friday.

The consumer prices fell 0.5 percent on a yearly basis in August, following a 0.6 percent drop in July. Prices have been falling since April. The rate came in line with the estimate released on August 31.

At the same time, underlying inflation eased to 0.4 percent from 0.6 percent in July. Housing cost dropped 2.7 percent annually, while hotels, cafes and restaurant costs gained 0.5 percent. Transport costs were down 4.4 percent.

On a month-on-month basis, consumer prices remained unchanged in August, as estimated, but in contrast to a 0.9 percent drop in July.

The harmonized index of consumer prices declined 0.6 percent annually in August versus a 0.7 percent drop in July. This was also the fifth consecutive decline and matched flash estimate.

On month, the HICP remained unchanged as estimated in August.

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