Spain’s inflation fell to 2.2% in August

Spain’s annual inflation rate reached 2.2% in August 2023, according to a preliminary report released on Friday by the country’s National Statistics Institute (INE). This is lower than the 2.8% recorded in July and better than expected. The slowdown in inflation is mainly due to a fall in fuel prices and, to a lesser extent, to a decline in food and non-alcoholic beverage prices. On a monthly basis, consumer prices were stagnant, while the annual increase in the harmonised index of consumer prices was 2.4%, unchanged from July.