Spain's EU-harmonised inflation rises to 4.6% in August, above forecast

  • Spain's INE reported EU-harmonised inflation rose to 4.6% in August.
  • Transport inflation reached 9.5%, with diesel and petrol prices accelerating sharply.
  • National inflation rose to 4.3%, while core inflation eased to 2.9%.

Spain's EU-harmonised 12-month inflation rate rose to 4.6% in August from 3.9% in July, final data from the National Statistics Institute (INE) showed. The reading was above the 4.5% flash estimate released two weeks earlier and the average forecast in a Reuters poll, while marking the highest level since February 2023 and more than double the European Central Bank's 2% medium-term target. National consumer-price inflation accelerated to 4.3% from 3.6%, matching the preliminary estimate. Transport inflation climbed to 9.5% from 6.2%, driven by diesel and petrol prices, amid supply disruptions linked to the ongoing conflict in the Middle East. Housing and utilities inflation rose to 6.4% from 5.7%, while food and non-alcoholic beverage inflation increased to 2.3% from 1.6%. Consumer prices rose 0.7% month on month after a 0.3% increase in July. Core inflation, excluding volatile unprocessed food and energy, eased to 2.9% from 3.0%.

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