Spain's estimated annual CPI-based inflation 2.3% in Jul 2023

31 Jul '23

1 min read

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Insights

Spain's estimated annual consumer price index (CPI)-based inflation in July this year is 2.3 per cent, according to the flash indicator prepared by the National Statistical Institute (NSI).
Consumer prices registered a rate of 0.1 per cent in July compared to June.
The fall in clothing and footwear prices has been smaller than in the previous year.

Spain’s estimated annual consumer price index (CPI)-based inflation in July this year is 2.3 per cent, according to the flash indicator prepared by the National Statistical Institute (NSI).

This indicator provides a preview of the CPI which, if confirmed, would mean an increase of four-tenths in its annual rate, since in June this variation was 1.9 per cent, an official release said.

This evolution is mainly due to three factors. First, there has been a rise in fuel prices, although they fell in July last year. Second, the fall in clothing and footwear prices has been smaller than in the previous year. Finally, tourist packages have risen more than they did in July last year.

Also noteworthy, albeit in the opposite direction, is the fall in electricity and gas prices, compared with the rise in July last year. The estimated annual variation rate of underlying inflation (general index excluding non-processed food and energy products) has increased by three-tenths to 6.2 per cent.

Consumer prices registered a rate of 0.1 per cent in July compared to June.

ALCHEMPro News Desk (DS)

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