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INE confirms CPI’s rise to 10.8% in July, the highest level since 1984

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Core inflation climbed to 6.1%, the highest since January 1993

MADRID, August 12 (EUROPA PRESS) –

The consumer price index (CPI) fell 0.3% mom in July, although its year-to-year rate surged to 10.8 percentage points, the highest level since September 1984 and six-tenths higher than the reading recorded in June, according to the final index Data released this Friday by the National Institute of Statistics (INE).

The panel thus confirms the data, which advanced late last month, despite raising the expected monthly increase by a tenth.

With July’s rebound, inflation chained two consecutive months above 10% after hitting 10.2% in June.

According to INE, the rise in interim CPI to 10.8% in July is mainly due to increases in house prices, up to 23% in electricity prices, clothing and footwear prices, with an annual variation of 5.0%, and groceries and soft drinks, which in January 1994 posted its highest level since the beginning of the series at 13.5%.

Transport prices, for their part, fell three points to 16.2% compared to the June data, which was attributed to the drop in fuel and lubricant prices.

THE UNDERLYING RISES UP TO 6.1%

Core inflation (excluding unprocessed food and energy products) rose six-tenths to 6.1% in July, the highest since January 1993.

In the seventh month of 2022, the Harmonized Index of Consumer Prices (IPCA) put its year-on-year rate at 10.7%, seven-tenths above the June data.

The monthly fluctuation of the IPCA showed a decline of 0.6%, according to the INE.

((THERE WILL BE EXPANSION))

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Source europapress.es

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