Spain Inflation August 2022

Harmonized inflation was 10.5% in August, down from 10.7% in July. The reading was mainly driven by rising prices for food and soft drinks. In addition, the pressures on housing prices and public services have increased at a faster pace.

The trend intensified, with annual average harmonized inflation standing at 7.8% in August (July: 7.2%). Meanwhile, consumer price inflation fell to 10.5% in August, from 10.8% the previous month.

Finally, harmonized consumer prices increased by 0.26% in August compared to the previous month, swinging from the 0.58% decline recorded in July.

FocusEconomics speakers expect harmonized inflation to average 7.0% in 2022, which is up 0.3 percentage points from the previous month’s projection. For 2023, panel members expect harmonized inflation of 3.4% on average.