Ben Pawlowski
THE rate of inflation in Spain has fallen to its lowest level in three-and-a-half years in welcome news for the country’s economy.
Preliminary figures published on Friday by the National Statistics Institute (INE) show that the Consumer Price Index (CPI) for September fell to 1.5%, the fourth consecutive monthly fall and a steady decrease from August where the figure stood at 2.2%.
The CPI measures the average change over time in the prices paid by consumers for a representative basket of consumer goods and services.
September’s figure is the lowest since March 2021, when the rate of inflation was just 1.3%, and is a far cry from 2022 when a rise in global energy prices and the war in Ukraine provoked a surge in inflation to above 10%.
The INE attributes the drop in the rate of inflation to falling prices for fuel, food, electricity and leisure and cultural activities.
They also say that Spain’s GDP grew by 0.9% in the first quarter, higher than expected, and that the economy is set to grow at an annual rate of 3.1%, six-tenths of a percentage point greater than originally predicted.
