• Energy prices moderate their fall, from -17.7% to
    -11.9% year-on-year, mainly due to the behavior of fuels
  • Non-energy inflation moderates and grows 1.3% mainly due to the lower increase in prices of unprocessed food
  • The favorable inflation differential for Spain stands at 0.6 percentage points

The general CPI year-on-year rate increased six tenths in June compared to the previous month, to -0.3%.

The prices of energy products attenuated the drop 5.8 points, to 11.9% year-on-year, mainly due to the prices of fuels and liquid fuels, which moderated their fall by 6.3 points, to -15.2% and, to a lesser extent, to the evolution of electricity prices, which fell 10.8%, a 6.2 point drop more moderate than that of May.

Non-energy inflation is reduced two tenths, up to 1.3%, due to the reduction of all its components, highlighting food.

The prices of unprocessed food increased 4.1% year-on-year, 1.3 points less than the previous month, mainly due to the deceleration in the prices of fresh or refrigerated fruits, which stood at 12.4%, compared to 16.3% in the previous month and in the prices of fresh vegetables, which decreased the advance rate by two and a half points, to 2%. This decrease was partially offset by the acceleration registered in the prices of fresh or chilled fish, which grew 3.3%, compared to 1.1% the previous month.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), decreased one tenth, to 1% year-on-year. This decrease is mainly due to the slowdown in processed food prices, which decreased three tenths to 1.7. On the other hand, the prices of industrial goods without energy products and those of services remain at 0.1% and 1.3%, respectively.

In June, the interannual rate of the CPI increased compared to that of May in all the autonomous communities. The greatest increases occurred in Castilla-La Mancha and Galicia, with an increase of eight tenths in both cases, down to -0.6% and -0.4%, respectively.

The interannual rate of the CPI at constant taxes stood in June at
-0.3%, the same as the general CPI.

The INE has also published the harmonized CPI (IPCA) for the month of June, whose interannual rate has also increased six tenths, down to -0.3%. Inflation advanced by Eurostat for the euro area as a whole stood at 0.3% in the same period, with the favorable differential for Spain standing at 0.6 percentage points, four tenths less than in May.



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