The INE's advance indicator places the annual CPI rate at 4.9% in September, six tenths higher than in August. Core inflation rises to 3.1% and prices increase by 0.3% compared to the previous month.
The annual CPI rate stands at 4.9% in September, six tenths above the 4.3% of August, according to the advance indicator published by the INE, as reported by Economipedia. On a monthly basis, prices have increased by 0.3% compared to August. These figures are provisional, pending the final data.
The 4.9% compares September 2026 with September 2025: it does not measure how much prices have risen this month, but the accumulated increase over a year. The core inflation, which excludes energy and unprocessed food, rises to 3.1%.
The INE attributes the increase to two factors. Fuels and lubricants are rising after having decreased a year ago. And tourist packages are becoming cheaper at a slower rate than in September 2025.
The statistical agency reminds us that a product can decrease in price in the month and still push the annual rate upwards. This happens when the decline is smaller than that recorded in the same month of the previous year.
“Core inflation excludes energy and unprocessed food. By filtering out these more volatile components, it helps to observe the evolution of other prices.”
The advance does not detail which items are driving the index, so it does not allow us to conclude that all sectors are becoming more expensive at the same time. To attribute the movement to each component, we will have to wait for the final publication.
The effect on the wallet is measured by purchasing power: how much can be bought with the same money. If incomes grow less than prices, that purchasing power falls. A basket that cost 1,000 euros now costs 1,049; if the household budget only increases by 2%, up to 1,020 euros, some purchases will need to be adjusted to maintain balance.
With savings, something similar happens. An investment yielding 3% over a year with an inflation rate of 4.9% leaves a real return of approximately −1.8% before taxes: the balance increases, but buys less.
On the opposite side are fixed-interest debts below inflation. As the value of money decreases, the real value of what is owed also reduces, as long as wages are updated in line with prices.
The data also influences the cost of money. Persistent inflation complicates the ability of central banks to lower financing costs, although the Spanish figure does not solely determine the ECB's policy: the overall eurozone situation, growth, and prospects also matter. Therefore, this increase does not guarantee a specific rise in the euribor or mortgage payments.
The INE will publish the definitive data for September in mid-October. Until then, the reference for reviewing the budget is the annual rate of 4.9% and its comparison with the evolution of incomes and returns.
You may also like
