Overview

• INE confirmed September CPI at 3.0%, revising the advance estimate up by 0.1 percentage points.
• Core inflation held at 2.4%, a level closely watched by the ECB for policy signals.
• Higher fuel and electricity prices, alongside some food increases, drove the rise, with the Economy Ministry citing a base effect from unusually low energy prices a year ago.
• Inflation varied by region, running highest in Madrid (3.5%), Comunidad Valenciana (3.4%) and Baleares (3.3%) and lowest in Canarias (2.2%), Murcia (2.4%) and Cataluña (2.6%).
• In parallel, Argentina’s INDEC reported September CPI at 2.1% (22% year-to-date and 31.8% year-on-year), with analysts highlighting currency and political uncertainty that could shape October readings.