The CPI climbs six tenths in September to 4.9% driven by energy

Consumers' pockets are once again feeling the pressure of energy. The Consumer Price Index (CPI) rose six tenths in September to reach 4.9%, its highest value since February 2023, according to leading indicator data published by the National Institute of Statistics (INE). In inter-monthly terms, the shopping basket increased 0.3% compared to the month of August.

The main driver of this rebound has been the increase in the price of gasoline and lubricants for private vehicles, which this month rose compared to the decrease they experienced in September 2025. Added to this is the behavior of tourist packages, whose costs fell less sharply than a year ago. This double factor has ended up dragging down core inflation - which excludes energy and unprocessed food due to its greater volatility - which rose two tenths to 3.1%, marking its highest level since March 2024.

Among other data, the Harmonized Consumer Price Index (IPCA) rose four tenths to reach 5.0% year-on-year, with a monthly variation of 0.6% and an underlying rate of 3.2%. The Ministry of Economy, Commerce and Business attributes this acceleration to the continuity of the energy shock derived from the war in Iran, combined with a "base effect" due to the abnormally low figures recorded for fuel in the same period of the previous year.

Carlos Body's department maintains that this international factor of energy origin continues to stress the general evolution of prices. For this reason, to try to cushion this cost pressure before the arrival of autumn and winter, the Council of Ministers approves this Tuesday a third package of measures of the Response Plan, just when the bulk of the provisions of the Royal Decree-Law of June expire at the end of September.

The implementation of the new decree comes after three weeks of intense meetings between the Government, social agents and the most exposed economic sectors. Among the actions contemplated, the extension until December 31 of aid to the agri-food sector stands out, as well as measures aimed at reducing energy dependence through electrification and decarbonization of the economy.

According to the Executive's calculations, the social shield deployed after the start of the conflict has made it possible to moderate inflation by up to one point in specific months and compensate for approximately half of the fuel increase borne by households. "Thanks to these measures, inflation has moderated to a point in some months and households have been compensated for around half of the increase in gasoline and diesel," he published in a statement.