Inflation has fallen mainly due to lower fuel costs. However, core inflation (excluding unprocessed foods and energy products) rose three-tenths to 6.4% in August, the highest since January 1993.
Euskaraz irakurri: KPIa lau hamarren jaitsi da abuztuan, % 10.4ra
The consumer price index (CPI) rose a tenth in August compared to the previous month, but cut its year-over-year rate by four tenths, to 10.4%, remain at levels never seen in more than 30 years, according to advanced data released Tuesday by the National Institute of Statistics (INE).
The data for August, to be confirmed by statistics by mid-next month, is four-tenths lower than the peak reached in July last year, when the CPI was 10.8%, the highest level since September 1984.
With this four-tenths moderation, inflation ends a string of three consecutive months of increases in the year-on-year rate: it rose to 8.7% in May; in June it broke the dreaded double digits (10.2%) and in July it shot up to 10.8%. This makes August the third consecutive month in which inflation has crossed double digits.
According to the INE, the moderation in the year-on-year CPI to 10.4% is mainly due to the decline in fuel prices and, to a lesser extent, liquid fuels.
On the other hand, in August the prices of electricity (which are at their highest level since the entry into force of the Iberian exception), among other things, food, restaurants and tourist packages rose.
On a monthly basis (August vs. July), the CPI registered an increase of one-tenth in August, compared to the decrease of three-tenths in July and the increase of 0.5% a year earlier.
The INE includes in the preview of the CPI data an estimate of underlying inflation (excluding unprocessed food or energy products), which increased three-tenths in August to 6.4%, the highest value since January 1993. In this way the underlying asset is 4 points lower than the rate of the general CPI.
In the eighth month of 2022, the Harmonized Index of Consumer Prices (IPCA) placed its inter-annual interest rate at 10.3%, four-tenths lower than the previous month. For its part, the IPCA’s estimated monthly variation registers an increase of one-tenth.
The INE will publish the final CPI data for August on September 13.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
