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Spanish consumer prices fell at a slower annual pace in August in comparison to the previous month, marking the first improvement in the overall CPI annual rate since July 2008, a report released by the National Statistics Institue said Friday.
Consumer prices were down 0.8% year-on-year in August compared to the 1.4% fall in the previous month. The decline was in line with economists' expectations. The rate has been in negative territory since March.
Excluding volatile goods, consumer prices rose at an annual rate of 0.4%, slower than the 0.6% in the previous month. Core inflation has been steadily easing since August last year, except for a stable figure in April.
Transportation prices recorded the most significant annual fall, down 6.4% in August, while housing cost declined 0.2%. Clothing & footwear prices dropped 2.2%. On the other hand, hotels, cafes & restaurants costs increased 1.5%, and other goods & services prices were up 2.2%.
On a regional basis, the Canary Islands witnessed the largest annual fall in prices, down 2% in August. Prices in Castilla-La Mancha decreased 1.9%, while prices in Aragon dropped 1.3%. Consumer prices in Castillay y Leon and prices in Navarra were down 1.3% and 1.2%, respectively.
Month-on-month, consumer prices climbed 0.3% in August, coming in slightly below forecasts for a 0.4% increase. In July, prices were down 0.9%. The monthly rise was driven by transport prices, which rose 1.1%, and hotels, cafes & restaurants prices, up 0.9%. The only group that recorded a monthly fall in prices was clothing & footwear, down 0.8%.
Meanwhile, the harmonized consumer price index declined 0.8%, in line with economists' expectations. The statistical office confirmed the initial estimate for HICP released on August 28. The HICP was down 1.4% in July.
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