Spain's annual inflation down for 2nd straight month

ANKARA

Spain's annual consumer inflation decreased for the second straight month thanks to a fall in electricity prices, according to flash estimate released by the National Statistics Institute (INE) on Thursday.

Consumer prices in September rose 9% year-on-year, down from a 10.5% hike in August. It was at 38-year high of 10.8% in July.

"This development is mainly due to the decrease in electricity prices, which increased in September 2021," the INE said in a statement.

The drop in fuel prices versus a rise in the previous year contributed to the decrease in the main reading, although to a lesser extent. September's reading came below market forecast of 10.1%.

On a monthly basis, consumer prices fell 0.6% in September, the largest monthly fall since July 2021.