• Electricity prices fall by 7.8% year-on-year
  • Core inflation increases two tenths, standing at 0.9%
  • The inflation differential with the euro zone is 0.6 points favorable for Spain

The interannual rate of the general Consumer Price Index (CPI) fell four tenths in June 2019, standing at 0.4%, as the INE advanced at the end of last month, mainly due to the fall in prices of energy.

The prices of energy products fell by 2.6% year-on-year in June, compared to the increase of 1.3% in May, as a result of the drop in the prices of fuels and lubricants, which registered a decrease of 1.2%. % and electricity that fell by 7.8%.

The prices of unprocessed food increased 0.6% year-on-year, four tenths less than in May. The drop of 7.4% in fresh fruit prices and the rebound in prices of fresh vegetables, which increased by 7.1%, stand out.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), rose two tenths in June, to 0.9% year-on-year, largely due to the services component and, in particular, to the tourist packages, which went from recording a fall of more than 4% in May to practically stabilizing in June (-0.2%). The prices of processed food and non-energy industrial goods maintained moderate rates similar to those of the previous month (0.4% and 0.2%, respectively).

In June, the annual rate of the CPI decreased in all the autonomous communities, with the greatest decreases in Castilla y León and Cantabria (six tenths in both, up to 0.5% and 0.4%, respectively).

The interannual rate of the CPI at constant taxes stood at 0.4% in June, as did the general CPI.

The INE has also published the harmonized CPI (IPCA) for the month of June, whose interannual rate is three tenths lower than that of May, up to 0.6%. The inflation advanced by Eurostat for the whole of the euro zone stands at 1.2%, resulting in a favorable differential for Spain of 0.6 percentage points.

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