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August HICP In Line With Flash

SPAIN DATA

Spain final August HICP came in line with flash estimates of 2.4%Y/Y and 0.5% M/M (vs 2.1% Y/Y and -0.1% M/M in July).

  • The main factor noted by INE was the role of Transport, which was pushed up by higher fuel prices (0.8% Y/Y in August vs -5.6% Y/Y in July).
  • All other major components of HICP had either constant or lower Y/Y rates in August, most notably housing (-18.0% Y/Y in August vs -14.8% Y/Y in July), driven by a smaller rise in electricity prices in August 2023 vs 2022.

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