CPI

In terms of underlying inflation (excluding energy and fresh food), it rose by a tenth in May to 2.9%.

The reduced rates of fuel (petrol, diesel and biofuels, and partial return of professional diesel) and hydrocarbon tax will remain in force until 30 June, as inflation for these products remains above the 15% threshold set by the government in April.

It is the fuels that continue to exert the greatest upward pressure, a sign that the shock caused by the war in Iran continues. However, this effect has been somewhat mitigated by the fall in the price of electricity and the fiscal measures adopted by the Spanish Government. 

March inflation has been one tenth higher than expected in the Spanish State, following the rise in fuel prices.

Food prices were maintained in February, with eggs and fresh fruit being the most expensive. The shopping basket recorded monthly and annual increases, and there is tension in various commodities.

After three consecutive months of declines, year-on-year inflation has fallen in the Basque Country in February due to the rise in catering and food prices, while electricity has fallen.

According to data published this Thursday by the National Institute of Statistics (INE), the rate recorded in the Basque Country is equal to the Spanish average of 2.9%, while that of Navarre is below the average.

The final data and group details will be published on 15 January.

At the beginning of the year, the prices of certain products and services will be updated. For certain prices, such as food or housing, it is difficult to predict, but the circumstances of others are known. Here is a summary of the latter. 

On the other hand, contributory pensions will increase by around 2.7% by 2026, according to the revaluation formula provided for in the pension reform law, which takes into account the average annual CPI from December to November.

Among the sectors that have pushed prices up in the last month are clothing and footwear, due to rising prices at the beginning of the season; food and alcoholic beverages, due to the rise in fruit, meat, milk, cheese, eggs and oils and fats; and housing, due to the increase in electricity and, to a lesser extent, gas.

Beef (17.8 per cent) and coffee, cocoa and infusions (16.2 per cent) have also become more expensive, while oils and fats (-33.5 per cent) and sugar (-13.5 per cent) have been reduced.

The rise in prices is mainly due to the rise in electricity and transport prices. Underlying inflation has risen by a tenth (excluding energy and fresh food) to 2.5%.

In the Spanish State, annual inflation has increased by three tenths, to 3%.

With regard to underlying inflation (without processed food or energy products), the estimated annual variation rate has fallen by a tenth, to 2.3 per cent.

The European Central Bank has reiterated its' determination 'to stabilise inflation at the 2% target in the medium term, for which the data approach will be applied' meeting by meeting '. 

After rising in June and July, the annual CPI rate has remained stable, while underlying inflation has risen for the second consecutive month, rising by a tenth in August to 2.4%.