Spain: Inflation decelerates further in August
August 30, 2011
According to a preliminary estimate released by INE on 30 August, annual inflation fell from 3.1% in July to 2.9% in August, which marked the lowest level since November 2010. Detailed data from July showed consumer prices dropping 0.5% over the previous month, the largest drop since January. The monthly reading was the result of lower prices for clothing and footwear, owing to summer sales, which more than offset higher prices for leisure and culture, as well as for housing. The core inflation index, which does not include prices for unprocessed food and energy, fell 0.9% over the previous month, following the 0.1% drop recorded in June. Annual core inflation inched down from 1.7% in June to 1.6% in July.