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Financial News: Spain's CPI Falls For Sixth Straight Month

Spain's CPI Falls For Sixth Straight Month

09/29/2020 - 07:12:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation remained negative for the sixth straight month in September, preliminary data from the statistical office INE showed Tuesday. Another report from the statistical office showed that retail sales continued to fall in August but the pace of decline slowed further.

Consumer prices were down 0.4 percent annually but slower than the 0.5 percent decline logged in August. Economists had forecast prices to fall 0.5 percent again in September.

At the same time, the harmonized index of consumer prices dropped 0.6 percent, the same pace of fall as seen in the previous month. Prices were expected to fall 0.5 percent.

On a monthly basis, consumer prices advanced 0.2 percent, following a nil growth and the HICP remained flat for the second straight month.

In a separate communiqué, the INE said retail sales declined 2.4 percent on year in August versus a 3.9 percent decrease in July.

On an unadjusted basis, retail sales decreased at a faster pace of 4.6 percent after declining 3.7 percent in the prior month.

Data showed that food sales dropped 2.9 percent and non-food sales slid 1.7 percent in September.

Month-on-month, retail sales grew for the fourth consecutive month in August. Sales growth accelerated to 1.8 percent from 1.2 percent in July.

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