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August Inflation at lowest point in 2011

Source: Bloomberg - Tue 30th Aug 2011

Data released earlier today by Spain's National Institute of Statistics has shown how Inflation for the month of August has slowed to reach the lowest rate in 9 months, as public spending has declined amid high unemployment fears.

Consumer prices, based on European Union calculations, rose 2.7% when compared with the same period last year, which is the slowest growth seen since November. The rate fell from 3% in July, with Inflation standing at 2.9%.

Figures release yesterday reported how Mortgage application approvals had fallen for a 14th consecutive month, and today's figures showed retail sales had fallen for the 13th month in July. This was explained in part due to the on-going levels of high unemployment.

The rate of inflation remains above the euro average, even as the economy of the country is seeing a much slower recovery than the rest of Europe. Euro- region inflation was though to be around 2.5% in August, unchanged from July, according to the average estimate of 35 economists in a survey undertaken by Bloomberg.

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