Spain | Inflation rebounded in August and will accelerate in September

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.

Key points

• Key points:
• Inflation rebounded in line with expectations.
• Energy explains most of the rebound while services remain high and food and industrial goods surprise to the upside.
• The inflation differential with respect to the EMU continued to be unfavorable.
• Outlook for September

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