Inflation in Spain rises to 3.5% for September

Inflation in Spain, as measured by the Consumer Price Index (CPI), climbed 0.9 percentage points in September to reach 3.5% year-on-year, according to preliminary data published by Spain's National Statistics Institute (INE) on Thursday. 

This is the highest level since April and the third month in a row that inflation has risen.

Rising fuel and electricity prices – which decreased in September 2022 – are the main drivers of the increase.

Core inflation, which ignores more volatile prices such as non-processed food and energy products, is down 0.3 percentage points, to 5.8%, the lowest level since June 2022.

When core inflation falls below 5.5%, the Spanish government will remove the VAT reduction on basic foods that is currently in place.

Compared to August, consumer prices are up 0.2%.

The INE will publish the definitive inflation data for September in mid-October, when the figures for Catalonia will also known. In August, Catalonia saw inflation rise to 2.5%.