Spain July inflation rate confirmed at 10.8%; highest level since September 1984

Spain inflationSpain July inflation rate confirmed at 10.8%

Spain’s inflation rate rose to 10.8% in July year-on-year, as confirmed by the National Statistics Institute (INE) on Friday. The figure is six tenths of a percent higher than that recorded in June and represents the highest level since September 1984. The INE had given an advance of the July CPI figure at the end of last month.

Inflation has now been over 10% for two months in a row, after reaching 10.2% in June.

That said, month-on-month inflation fell 0.3% in July. Meanwhile, the underlying CPI rate rose six-tenths of a percent, to 6.1%, the highest rate since January 1993.

Housing, clothing and footwear, as well as food and non-alcoholic drinks are the elements which stand out as having had the most impact on the hike in the annual CPI rate.

The rate of inflation in housing rose 4 percentage points year-on-year to 23%, due to the increase in electricity prices and, to a lesser degree, to gas prices.

On the other hand, the item which had the most negative impact on the CPI figure was transport, registering an annual rate of 16.2% – a drop of 3 perentage points from June – thanks to the fall in the price of fuels and lubricants.

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