Inflation in Spain confirmed at 4.9% in September

Inflation in Spain jumped to 4.9% per year in September, confirming the preliminary estimate of the National Institute of Statistics (INE). Core inflation, excluding energy and unprocessed food, rose to 3.1%. The CPI increased by six tenths in September compared to August, up to 4.9% per year, the highest since February 2023, due to the 27.7% increase in fuel and petrol prices in the context of the energy shock caused by the war in Iran.

The definitive data confirms the exceeding of the 15% threshold for fuels, which allows the government to maintain the extraordinary aid on petrol and diesel foreseen by the third anti-crisis package, approved on 29 September due to the increase in prices caused mainly by the conflict in the Middle East, the tensions in the Strait of Hormuz and the consequent increase in oil and derivatives on international markets.

From November 1st, the maximum discount of 20 cents per liter on taxes on petrol and diesel will therefore remain in force.

Contributions to professional transporters and extensions of aid for the agricultural and fishing sectors until 31 December are also expected.

On the electricity front, whose prices increased by 11.4% on an annual basis, below the 15% threshold necessary to activate subsequent tax relief, there will be no reductions in VAT or the special tax on electricity. However, the protection measures for vulnerable families remain extended, including limits on gas tariff increases and discounts on the electricity social bonus.