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MADRID: Spanish consumer prices fell for the sixth consecutive month in August, although at a slower rate, dropping 0.8 per cent year-on-year, official data showed on Friday.
In July, prices plunged 1.4 per cent. That followed falls of 1.0 per cent in June, 0.9 per cent in May, 0.2 per cent in April and 0.1 per cent in March, which was the first 12-month drop since the INE statistics office began tracking inflation in 1961.
Spanish inflation, which has generally been higher than the eurozone average over the past decade, is slowing more sharply than the rest of the region as its economy slumps.
Despite the declining prices, Spain's socialist government insists the country is not entering a period of deflation, which can be harmful to the economy as it often leads consumers and companies to hold back on spending as they wait for even better deals.
Spain entered into its first recession in 15 years at the end of 2008 and unemployment has soared as the global credit crunch worsened a correction that was already underway in its once booming housing sector.
The figures published on Friday by the National Statistics Institute (INE) are provisional. It will release final figures for August on September 11, which will also include the month-on-month change.
- AFP/so
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