The monthly index of consumer prices falls six tenths in September, which allows a substantial reduction in the annual rate
Inflation has given way strongly in September and stood at an annual rate of 9%a point and a half below the 10.5% reached in August and a little further from the 10.8% ceiling marked in July. According to the advance CPI data published this Thursday by the National Institute of Statistics (INE), consumer prices have fallen in September six tenths compared to Augustwhich has allowed the annual rate to be lowered to 9%.
The indicator advanced this Thursday by the INE must be definitively confirmed on October 14, in which case it will become the lowest inflation rate since June past, when it was above 10%, marking the percentage highest in the last 37 years. In mid-October the detailed evolution of each of the components that make up the CPI shopping basket will be known, but the INE anticipates in its note this Thursday that the moderation in inflation in September is mainly due to the monthly drop in electricity prices, which rose in September 2021.
It also influences, although to a lesser extent, the monthly drop in fuelcompared to the rise of the previous year, and the drop in transport.
The estimated annual variation rate of core inflation (general index without the most volatile prices of unprocessed food and energy products) has also dropped, two tenths, to 6.2%.
With the variation rates accumulated so far this year, average inflation rate falls to 9% in the first nine months and that of core inflation falls to 4.7%.
Despite the tensions in the energy markets, the Ministry of Economy trusts that the declining trend of inflation will continue in the coming months, in the absence of new events. From the Government’s point of view, the moderation in the rate of inflation highlights the positive impact of the measures put in placeto cushion the rise in prices, especially those aimed at promoting public transport.
The INE has also advanced the harmonized consumer price index (HICP), which serves as the basis for Eurostat’s European statistics. In the month of September, the estimated annual variation rate of the IPCA stood at 9.3%, more than one point lower than that registered the previous month. For its part, the estimated monthly variation of the IPCA is 0.0%.