• Core inflation remains at 0.9%

The interannual rate of the general CPI increased one tenth in July 2019, standing at 0.5%, as the INE advanced at the end of last month.

The prices of energy products fell 2.4% in July, two tenths less than in June, mainly due to the decrease in gas prices, which fell 3.2% year-on-year, compared to the stabilization practice in June, reflecting a base effect associated with the increase experienced in the same month of 2018. This decrease was mainly compensated by the moderation in the rate of decrease of fuels and lubricants, up to 0.2%.

The prices of unprocessed food increased 1.6% year-on-year, one point more than in June, an increase derived largely from the base effect associated with the sharp fall recorded in July 2018. In particular, the lowest year-on-year decrease in Fresh fruit price, 5%, compared to the 7.4% decline in June.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), remained stable in July at 0.9% year-on-year. By components, the growth rate of service prices remained stable at 1.4%, while that of processed food and non-energy industrial goods increased by one tenth, to 0.5% and 0 , 3%, respectively.

In July, the year-on-year rate of the CPI increased in 11 autonomous communities, producing the largest increases, of two tenths, in Castilla y León (0.7%), Galicia (0.5%), Castilla La Mancha (0.4% ), Balearic Islands, Canary Islands and Murcia (0.2% last three). Inflation remained stable in Asturias (0.3%), Cantabria (0.4%), Extremadura (0.3%), La Rioja (0.7%), Navarra (1%) and the Basque Country (0, 8%)

The interannual rate of the CPI to constant taxes stood at 0.4% in July, one tenth less than that of the general CPI.

The INE has also published the harmonized CPI (CPI) for the month of July, whose annual rate remains stable at 0.6%. The inflation advanced by Eurostat for the whole of the euro zone stands at 1.1% in the same period, resulting in a favorable differential for Spain of 0.5 percentage points.

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