• Energy prices moderate their fall, going from -11.9% to -10.7% year-on-year, mainly due to the behavior of fuels
  • The favorable inflation differential for Spain increases and stands at 1.1 percentage points

The interannual rate of the general CPI decreased three tenths in July compared to the previous month, to -0.6%.

The prices of energy products attenuated the fall by 1.2 points, to -10.7% year-on-year, mainly due to the prices of fuels and liquid fuels, which moderated their fall by 2.7 points, to -12.5 %. This evolution was partially offset by the deepening drop in gas prices, which fell by 5.7%, a drop 3.5 points more intense than that registered in June.

Non-energy inflation was reduced by half a point, to 0.8%, due to the slowdown in the prices of services and, to a lesser extent, due to food prices.

The prices of unprocessed food increased 3.1% year-on-year, 1 point less than the previous month, mainly due to the slowdown in the prices of fresh or chilled fruits, which stood at 9.6%, compared to 12.4% in the previous month, and the evolution of the prices of fresh vegetables, whose interannual variation rate decreased 2.3 points, to stand at -0.3%.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), fell four tenths, to 0.6% year-on-year. This decrease is mainly due to the deceleration in the prices of services, whose growth rate decreased by nine tenths to 0.4%, weighed largely by the evolution of the prices of accommodation services, which fell by -11.1 % compared to a growth of 3.3% in June, and, to a lesser extent, to that of processed foods, which fell three tenths, to 1.4%. On the other hand, the prices of industrial goods excluding energy products increased three tenths, to 0.4%.

In July, the interannual rate of the CPI decreased compared to that of June in all autonomous communities except Cantabria, where it increased one tenth to -0.4%. The greatest decreases occurred in the Comunidad Foral de Navarra and Comunidad de Madrid, with decreases of six and five tenths, to -1.3% and -0.6%, respectively.

The interannual rate of the CPI at constant taxes was -0.6% in July, the same as that of the general CPI.

The INE has also published the harmonized CPI (IPCA) for the month of July, the interannual rate of which has decreased four tenths, to -0.7%. Inflation advanced by Eurostat for the euro area as a whole stood at 0.4% in the same period, with the favorable differential for Spain at 1.1 percentage points, half a point more than in June.

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