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The CPI leaves the two digits after moderating to 9% in September due to electricity and gasoline

Core inflation falls two tenths, to 6.

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The CPI leaves the two digits after moderating to 9% in September due to electricity and gasoline

Core inflation falls two tenths, to 6.2%, after 14 consecutive months of increases

MADRID, 29 Sep. (EUROPA PRESS) -

The Consumer Price Index (CPI) decreased six tenths in September in relation to the previous month and suddenly cut its year-on-year rate by 1.5 points, to 9%, dropping from double digits after having chained three consecutive months above 10%, according to advanced data published this Thursday by the National Institute of Statistics (INE).

The data for September, which must be confirmed by Statistics in the middle of next month, is 1.8 points lower than the peak reached last July, when the CPI stood at 10.8%, its highest level since September 1984.

With this moderation of 1.5 points, inflation adds two consecutive months of declines in its year-on-year rate after falling three tenths in August, to 10.5%.

According to the INE, the moderation in the year-on-year CPI to 9% is mainly due to the drop in electricity prices and, to a lesser extent, to lower fuel and transport prices.

THE CPI FALLS 0.6% IN THE MONTH, A RECORD DECLINE IN SEPTEMBER SINCE 1961

In monthly terms (September over August), the CPI registered a decrease of six tenths, its biggest monthly decline since July 2021, when it fell eight tenths.

Compared to other Septembers, the decline in the CPI in September this year is the most pronounced in this month since the beginning of the historical series, in 1961.

CORE INFLATION MODERNES TO 6.2%

The INE incorporates in the CPI data preview an estimate of core inflation (excluding unprocessed food and energy products), which fell two tenths in September, to 6.2%, standing almost three points below the general CPI.

This is the first drop recorded by core inflation after fourteen consecutive months of increases, which led this indicator to reach its highest level last month since January 1993 (6.4%).

In the ninth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 9.3%, more than one point below that registered in the previous month. For its part, the estimated monthly variation of the IPCA was 0.0%.

The INE will publish the final CPI data for September on October 14.

LOW THE PRICE OF ELECTRICITY AND FUELS

According to Statistics, the drop of 1.5 points in the CPI registered in September is due to lower electricity and fuel prices.

The third vice president of the Government and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, estimated yesterday that the 'Iberian exception' has allowed Spanish electricity consumers to save more than 2,600 million euros, with a saving of 17 euros per bill per month with respect to what would have been paid without the mechanism.

Ribera pointed out that the mechanism, which allows capping the price of gas for electricity generation, has placed the average price of the 'pool' since its application at 146 euros per megawatt hour (MWh), while the average price of electricity for regulated rate customers linked to the wholesale market, including the additional adjustment for the 'Iberian exception', it has been 267 euros/MWh, "which is 35% below what the French pay, 40% less than the Italians and 25% lower than the Germans," he said.

According to provisional data from the Iberian Energy Market Operator (OMIE) collected by Europa Press, the average price of electricity for regulated rate customers linked to the wholesale market will fall this Thursday for the third consecutive day, with a decrease of 2.28 % compared to yesterday, up to 132.31 euros/MWh.

With regard to gasoline, the latest data from the European Union Oil Bulletin indicate that the average price of gasoline chained its third consecutive week of declines last week, after falling 2.3%, to 1,708 euros , its lowest level since mid-April.

In the case of diesel, a decrease of 2% was registered, falling for the second week in a row, to stand at 1,867 euros, its lowest level since the penultimate week of August.

In this way, both fuels are far from the highs they reached this summer, when in July they reached 2,141 euros in the case of gasoline, and 2.1 euros in diesel.

Keywords:
INE