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The Consumer Price Index (CPI) rose one-tenth in August compared to the previous month, but moderated its year-on-year rate by four-tenths, dropping to 10.4%, remaining at levels not seen for more than 30 years, according to advanced data published by the National Institute of Statistics (INE) this Tuesday afternoon.
The data for August, which must be confirmed by the middle of next month, is four-tenths lower than the peak reached last July, when the CPI stood at 10.8%, its highest level since September 1984.
With this moderation of four-tenths, inflation ends a streak of three consecutive months of increases in its interannual rate: in May it climbed to 8.7%; in June it exceeded the feared double digits (10.2%) and in July it shot up to 10.8%. August is therefore the third consecutive month in which inflation exceeds double figures.
According to the INE, the moderation in the year-on-year CPI to 10.4% is mainly due to the drop in fuel prices and, to a lesser extent, in liquid fuels.
On the other hand, the prices of electricity (which are at their highest since the entry into force of the 'Iberian exception), food, restaurants, and hotels, among others, rose in August.
In monthly terms (August over July), the CPI registered a rise of one-tenth in August, compared to the drop of three-tenths experienced in July and the advance of 0.5% a year earlier.
The INE incorporates an estimate of underlying inflation in the CPI data preview (without unprocessed food or energy products), which increased three-tenths in August, to 6.4%, its highest value since January 1993. In this way, the underlying is 4 points below the rate of the general CPI.
In the eighth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 10.3%, four tenths lower than that registered in the previous month. For its part, the estimated monthly variation of the IPCA registers an increase of one-tenth.
The INE will publish the final CPI data for August on September 13th.
