Spain's annual inflation rate, as measured by the Consumer Price Index (CPI), declined to 1.5 per cent in September 2024, the the Spanish Statistical Office (INE) data showed on Tuesday. This is eight-tenths lower than that reported in the previous month and represents the lowest level since March 2021. The decline was driven primarily by a 3.9 per cent decrease in transport costs, largely due to falling fuel and lubricant prices, compared to the increase in the same month of 2023. Food and non-alcoholic beverages also saw a reduction, with the annual rate dropping to 1.8 per cent, influenced by lower prices for oils, fats, legumes, vegetables, and fruit. Housing costs decreased by 1.1 points to 2.9 per cent, reflecting a drop in electricity prices compared to an increase in September 2023. Leisure and culture expenses fell by nearly one point to 1.1 per cent, mainly due to cheaper tourist packages, compared to September 2023 levels. The annual rate of change in underlying inflation – general index that excludes unprocessed food and energy products – fell three-tenths of a point compared to August, standing at 2.4 per cent. The monthly rate of change in the CPI was -0.6 per cent in September, while the Harmonised Index of Consumer Prices (HICP) stood at 1.7 per cent, seven-tenths less than that recorded the previous month. Attribution: INE Subediting: Y.Yasser
