Inflation in Spain shot up seven tenths in August, standing at 4.3% in the year-on-year calculation, due to the rise in fuel prices in the context of the persistent energy crisis derived from the Iran war, according to preliminary data from the National Statistics Institute (INE).
The increase of seven tenths compared to July represents a significant acceleration in overall inflation, driven mainly by the energy sector and fuels.
However, underlying inflation, which excludes energy and unprocessed food from its calculation, does not follow this upward trend, having fallen one tenth in August, settling at 2.9% year-on-year.
The INE made this preliminary data available this Friday, showing a contrast between overall inflation and underlying inflation, suggesting that energy factors are the main driver of the increase in consumer prices.