Headline inflation increased by 0.7 pp, to 4.3% year-on-year, while core inflation decreased by 0.1 pp, to 2.9%, in line with expectations. In September, headline inflation could rebound to 4.7%-4.9%, driven again by energy and, to a lesser extent, by food.

Social Security affiliation fell by 162,800 people and unemployment grew by 44,400. Adjusted for seasonality, an estimated rebound of 74,000 contributors and 10,500 unemployed is estimated. The extraordinary regularization of immigrants may have added 211,000 foreign affiliates and 64,900 unemployed up to August.