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The
rate was lower than the 2.9% registered in the period through
July and lower than the 2.5% expected by analysts polled by
Reuters.
Core inflation, which strips out volatile fresh food and energy
prices, was 2.7% year-on-year, down from 2.8% in the period
through July, the INE data showed.
Spain's national inflation was 2.2% year-on-year in August, down
from 2.8% in July, INE said.
The slowing of price rises was driven by a base effect from fuel
prices, which had increased sharply in August 2023. To a lesser
extent, the fall in food prices also contributed to the easing
of the trend, INE said.
The inflation slowdown comes as the country's economy has
expanded faster than expected. In the second quarter of 2024,
the economy grew 2.9% year-on-year, outpacing the euro zone.
Euro zone countries have suffered from persistently high
inflation over the past three years, following the end of the
COVID pandemic and the rise in energy prices caused by the
conflict in Ukraine.
Spain implemented a series of measures worth billion euros to
curb inflation. Most of them were lifted by mid-year. One of the
few measures still in place is the 0% value-added tax rate on
food.
(Reporting by Tiago Brandao and Belén Carreño, editing by Inti
Landauro and Toby Chopra)
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