Consumer Price Index Stays Steady at 27 in August Amid Fluctuating Prices

The Consumer Price Index (CPI) has maintained an annual rate of 27 in August, as reported by the National Statistics Institute (INE) on Friday. This stability in the CPI is a consequence of rising food and electricity prices balancing out fluctuations in fuel prices. The recent data indicates that the CPI's consistency in the eighth month of the year is curbing the inflation rate spikes witnessed in the preceding two months. The INE clarified that the CPI's persistence at 27 is attributable to the upward influence of fuel prices, which have decreased at a lesser rate than in August 2024. In contrast, food and non-alcoholic beverage prices have seen a more significant decline than in the previous year. Moreover, electricity prices rose less dramatically than they did last August. This price stability, combined with wage increases, is gradually restoring families' purchasing power, according to the Ministry of Economy, Trade and Business in their assessment of the advanced CPI data for August. Additionally, the INE's CPI data advance offers an estimate of core inflation, which excludes unprocessed food and energy products. In August, core inflation saw an increase of a tenth to reach 24, marking its highest value since last April. This uptick indicates that core inflation has recorded two consecutive months of year-on-year increases. In terms of monthly data, the CPI showed no variation in August compared to July, which contrasts with the 0.1% decrease recorded the previous month that interrupted nine months of continuous monthly increases. The Harmonized Index of Consumer Prices (HICP) also remained stable at 27 year-on-year in August, with no monthly variation. The estimated core inflation for the HICP stands at 24 for this eighth month of the year, according to Statistics. INE is set to release the definitive CPI data for August on September 12. For the latest updates, follow El Huffpost’s news coverage on your mobile, available on both Android and iOS. Related Sources: • Source 1 • Source 2