The CPI moderates in September more than expected, to 8.9%, with food soaring

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

MADRID, 14 Oct. (EUROPA PRESS) -

The Consumer Price Index (CPI) decreased seven tenths in September in relation to the previous month and suddenly cut its year-on-year rate by 1.6 points, to 8.9%, falling from two digits after having chained three consecutive months above 10%, according to the final data published this Friday by the National Institute of Statistics (INE).

The body has thus lowered the data that it advanced at the end of last month, when it estimated a CPI of 9%. The anticipated monthly decline has also improved by one tenth, from -0.6% to -0.7%.

The data for September is 1.9 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 1.6 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 8.9% is mainly due to the drop in electricity and fuel prices. In fact, the housing group moderated its interannual rate by more than 10.5 points, down to 14.2%, due to lower electricity prices.

For its part, the transport group cut its interannual rate by more than two points, to 9.4%, due to the lower cost of fuel and transport services.

At the opposite extreme, food prices rose again in September. Its rate increased six tenths, to 14.4%, the highest since the beginning of the series, in January 1994. Particularly noteworthy is the increase in the price of legumes and vegetables, meat, and milk, cheese and the eggs.

Without taking into account the reduction of the special tax on electricity and the variations on other taxes, the interannual CPI reached 9.3% in September, four tenths above the general rate of 8.9%. This is reflected in the CPI at constant taxes that the INE also publishes within the framework of this statistic.

In the last year, heating, lighting and water distribution have become more expensive by 24.8%; oils and fats have raised their prices by 23.8%; eggs are 23.6% more expensive; milk costs 25.1% more, and cereals, 22.3% more.

In monthly terms (September over August), the CPI registered a decrease of seven 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 (excluding unprocessed food and energy products) fell two tenths in September, to 6.2%, placing it almost three points below the general CPI rate.

In the ninth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 9%, one and a half points lower than that registered in the previous month. For its part, the monthly variation of the IPCA registered a decrease of two tenths.

(((THERE WILL BE EXTENSION)))