The CPI climbs to 4% in September due to electricity prices, the highest since 2008

The INE has already made official the data of the advanced consumer price index (CPI) a few weeks ago, which shows the rise in inflation in its seventh consecutive month on the rise.

With the September data, the highest since September 2008When inflation stood at 4.5%, the interannual CPI recorded its ninth consecutive positive rate.

It should be noted that this data is obtained without taking into account the reduction of the special tax on electricity that was launched in September, as well as the decreases that have been applied since August in the field of energy, the interannual CPI in September reached 4 , 5%, five tenths more than the general rate.

In the interannual behavior of the CPI, the rise in electricity prices stands out, higher this month than in September of last year, as well as the prices of heating oil and gas.

They also influenced the increase in fuel prices and lubricants for personal vehicles and the fact that the prices of tourist packages fell less in September of this year than they did in the same month of 2020.

Specifically, the housing group increased its interannual rate by three points in September, to 14.5%, due to the rise in the price of electricity, while the leisure and culture group increased its rate by 1.5 points, to 0.9%, due to the evolution of the prices of tourist packages.

Meanwhile he transport group increased its interannual variation one point, up to 9.8%, due to the increase in gasoline for personal transportation. On the other hand, within this group, the decrease in prices of other services related to personal vehicles stands out as a consequence of the fact that some sections of motorways became free from September.

For its part, the group of foods and non-alcoholic beverages, meanwhile, lowered its interannual rate by one tenth, to 1.8%, due to cheaper fruits and the fact that legumes and vegetables have risen in price less than in September 2020.

Underlying inflation

Core inflation (excluding non-processed food and energy products) rose three tenths in September, up to 1%, which is three points below the general index.

The INE highlights that this difference between the two rates is the highest since the beginning of the series, in August 1986.

In the ninth month of 2021, the Harmonized Consumer Price Index (HICP) increased its interannual rate seven tenths, to 4%, while it rose 1.1% in the monthly rate.

The invoice of light

Thus, in a monthly rate (September over August), the CPI recorded its second consecutive rebound, rising 0.8% in September, three tenths more than in August and its highest monthly rise since last April. The rise in electricity, clothing and footwear, and gasoline contributed to this increase.

Five of the eight tenths in which the CPI increased during the month of September were a consequence of the impact of electricity prices. In fact, in September, the average daily price of electricity in the wholesale market was setting a new record after another, following in the wake of August.

Adding up the monthly increases experienced in August and September, the CPI accumulates a rebound of 1.3 points, of which eight tenths are due to the rising cost of electricity.

According to INE data, what increased the most in price in September compared to August were other clothing items (gloves, belts, umbrellas), with a monthly advance of 14.3%, and electricity, which became more expensive 10.9%. On the other hand, what fell the most in price in relation to the previous month were tolls (-22.7%) and national tourist packages (-21.8%).

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