MADRID, Sept. 27 (Xinhua) -- Spain's inflation rate fell to 1.5 percent in September, marking the lowest level since March 2021, when it stood at 1.3 percent, according to preliminary data published by the Spanish National Statistics Institute (INE) on Friday.

The inflation rate dropped from 2.3 percent in August to 1.5 percent in September, marking a sharp 0.8 percentage point decline - the steepest fall in over a year.

The INE attributes the slowdown in price growth primarily to a decline in the cost of fuels, food and electricity when compared to September 2023.

Core inflation, which excludes more volatile fresh food or energy prices, dropped from 2.7 percent in August to 2.3 percent in September.

On the same day, the INE confirmed the Spanish economy grew by 0.8 percent in the second quarter of the year, due to an increase in private consumption, exports and investment.

Spanish Minister for Economy, Trade and Business Carlos Cuerpo welcomed the "positive data" in an interview on Spanish national radio station RNE.

He attributed the favorable figures to effective government policy, saying they reflect the "good management of the political economy in recent years."

The minister emphasized that Spaniards are seeing their purchasing power improve with disposable income rising faster than prices, allowing citizens to gradually recover from the inflation crisis of 2022. Enditem

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