In addition, core inflation stabilizes at 0.9% year-on-year. Analyzing its components, it is observed that all of them continue to register very moderate increases. Thus, the prices of the Services maintain their variation rate at 1.4%. Despite the increase in transport prices, the prices of hotels, cafes and restaurants have registered an increase lower than that of July last year. On the other hand, the prices of industrial goods without energy products and food with processing, beverages and tobacco rebounded one tenth to 0.3% and 0.4%, respectively.
Unprocessed foods recorded a notable acceleration, from 0.6% to 1.6%, breaking the moderation path that had been showing in recent months due, mainly, to the price of fruits, which fall less than what They did in July last year. Pork, legumes and vegetables and potatoes are the products with the highest year-on-year price growth.
Energy prices in July continued the moderation path initiated in April, although less markedly. Specifically, the interannual rate in this month of the prices of energy products was -2.4%, two tenths more than the previous month.
The Harmonized Consumer Price Index stood at 0.6% in July, the same rate as in June, and the average Economic and Monetary Union index slowed down to 1.1%. Thus, the differential with the euro zone remains negative (although this month has been reduced to five tenths), a result that usually occurs when there is a dense accused of energy prices, due to our greater energy dependence.
In the coming months, inflation will remain below 1.0%, for which it will have the help of underlying inflation, in an environment of less economic dynamism and provided that there are no negative external shocks. The improvement of the competitiveness-price of the Spanish economy, via moderation of inflation, will only be sustainable over time if it is accompanied by the containment of other costs (fiscal, labor …).