Prices rose 2.7% in July due to rising electricity and fuel prices
Theyear-on-year rate of the Consumer Price Index (CPI) rose by four tenths in July to 2.7%, mainly due to the rise in electricity prices and, to a lesser extent, fuel prices.
The National Institute of Statistics (INE) has released on Wednesday the advance data of the July CPI, which, if confirmed, would rise for the second consecutive month, to its highest level since February.
According to the INE,the rise is mainly due to the rise in electricity prices , which in July 2024 experienced a sharp decline and this year there has been a significant difference.
Withregard to underlying inflation, (index without unprocessed food and energy products) rose by a tenth in July to 2.3%.
However, monthly prices fell 0.1% in July compared to June, breaking the upturn for nine months.
The final CPI data for July will be published on August 13.
The Ministry of Economy, Trade and Enterprise has stressed that the evolution of inflation "is compatible with a strong dynamism of the Spanish economy, which continues to be a driving force for growth among the major European countries" and has stated that "price stability and job creation allow families to regain purchasing power".
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