September 1st marks the beginning of the political, social, and educational year. One could also speak of a new school year for household economies which, in 2026, appears to be tough, with a generalized price increase that directly impacts families' spending power, after a particularly expensive summer mainly due to the rising cost of energy.

The price of fuels has continued this week with an upward trend, chaining the seventh consecutive increase, so it accumulates an increase of more than 21.5% since the VAT reduction to 10% expired at the beginning of last July. Specifically, the average price per liter of diesel fuel has increased by 0.38% this week compared to the previous one, to stand at 1.828 euros, the highest level since mid-April. The average price per liter of gasoline has risen this week to 1.705 euros, after becoming 0.17% more expensive compared to last week, to remain at its highest since the week of April 23.

The famous rocket and feather effect – which states that gasoline rises quickly when oil becomes more expensive, but when oil is cheaper the fuel price falls very slowly – has occurred again. During the last month, fuel prices in Spain have risen by almost 20%, even though from July 31st until yesterday the price of oil has fallen by 10%.

The war in the Middle East that began on February 28 with attacks by the United States and Israel on Iran has, obviously, had an economic impact. After four months, and with the agreement between the United States and Iran, it is difficult to quantify the total cost of the war in economic terms. But what is clear is that the impact has fallen directly on citizens' pockets and has weakened economic growth in many areas of the world, especially in Asia-Pacific, with greater dependence on Gulf oil.

The reduction in VAT on fuel has slowed the price increases, but fuels are still more expensive than before the start of the war in Iran. Furthermore, the fuel currently being sold at gas stations was purchased a few days ago and therefore does not yet reflect the reduction in the special tax on hydrocarbons.