The preliminary CPI for September stands at 4.9% year-on-year, six tenths higher than in August and the highest rate since February 2023. Core inflation rises to 3.1%, and the Government approves a new decree against inflation this Tuesday.
The Consumer Price Index (CPI) has climbed to 4.9% in September on a year-on-year basis, six tenths above the 4.3% recorded in August, according to the preliminary indicator published this Tuesday by the National Institute of Statistics (INE). This is the highest level since February 2023, as reported by estrelladigital.es.
Core inflation, which excludes unprocessed food and energy products, has also risen, now standing at 3.1%, compared to 2.9% the previous month. This preliminary figure will need to be confirmed by the INE in the coming weeks.
The increase in fuel prices is once again the main driver of the rise. In August, the transport group already raised its annual rate to 9.5%, driven by the price of fuels and lubricants for private vehicles, a trend that has intensified in September.
The new inflation figure coincides with the Cabinet meeting this Tuesday, where the Government is expected to approve a new decree with measures to cushion the impact of rising prices. The First Vice President and Minister of Economy, Trade and Business, Carlos Cuerpo, confirmed on September 23 that the package would be approved in the meeting on September 29.
The decree comes just before several previously adopted measures to address the rising energy costs and the economic consequences of the conflict in the Middle East expire on September 30.
The Government has been in contact with various economic sectors in recent days to determine which supports will remain and which will be modified. Until the text is approved and its official content is known, the specific conditions of the new aids remain pending confirmation.
The increase in the CPI implies that the average cost of goods and services included in the basket is 4.9% higher than a year ago, although not all products have increased by the same proportion. The evolution of fuels and other energy components has a decisive weight in the overall rise.
Concerns extend to the possibility that higher energy and transport costs will eventually be passed on to other products and services. The final content of the new decree will determine which measures remain active from October and for how long.
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