Inflation rises to 2.3% in July, food up 10.8%, core climbs to 6.2%

españa inflacion alimentos

CdM | Prices resumed their upward trend in July. The National Statistics Institute (INE) has confirmed that inflation rose in the seventh month of the year to 2.3%, which is two tenths of a percentage point more than the previous month and four tenths of a percentage point in the year-on-year rate. For its part, core inflation rose by three tenths of a percentage point to 6.2%.

The rise in prices was mainly due to food and non-alcoholic beverages, which increased by 10.8% in July. This is because the prices of fruit and oils and fats have risen this month, while they fell in July 2022.

Annual CPI rate
General and core inflation index. Percentage

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In addition, the other groups that stand out for their influence on the increase in the annual rate are transport, clothing and footwear, and leisure and culture. As for transport, although its rate is -5.3%, it is more than two points higher than last month. This increase is due to the rise in the price of fuel and lubricants for personal vehicles, compared with the decrease in July 2022.

Clothing and footwear increased by 2.1%, four tenths of a point above that recorded in June, which is due to the fact that their prices fell less this month than in July last year. Meanwhile, leisure and culture, with a rate of 7.2%, is two points higher than in the previous month. This evolution is due to the fact that the prices of package holidays increased more than in the same month of 2022.

On the other hand, among the groups with a negative influence, housing stands out, with its variation decreasing by more than two points, to -14.9%. This behaviour is due to the fall in electricity and gas prices, which increased in July last year.

By Autonomous Community, the annual rate of the Consumer Price Index (CPI) increased in July with respect to June in all of them except the Canary Islands, where it fell by three tenths of a percentage point. The largest increases occurred in Región de Murcia (0.8 points), Aragón (0.7 points) and Castilla-La Mancha, Galicia and Comunidad de Madrid (0.6 points each).

On the other hand, the Harmonised Index of Consumer Prices (HICP) stands at 2.1%, five tenths above the rate registered the previous month. The Consumer Price Index at Constant Taxes (CPI-CPI) stood at 2.7%, four tenths above the general CPI. The HICP at Constant Taxes (HICP-CT) presents an annual rate of 2.5%, four tenths above that of the HICP.

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