CPI JULY | Inflation in July fell by 6 tenths and amounted to 2.8%.

In July this year, life in Spain became 2.8% more expensive than what food, housing, goods, transport or clothing cost just a year ago, according to estimates published monthly by the publication National Institute of Statistics (INES). This is preliminary information that will need to be confirmed in a few days, but at the moment, according to the organization’s estimates, Consumer price index (CPI) this month amounted to 2.8%.

This would mean a 6-tenths softening of inflation, which began to decline in June, after three months of growth in a row. And place it at the lowest level of the year, the same as the one recorded in February.

While it is true that the figure has since risen again, in this case the month-to-month comparison is encouraging: according to this preview, Prices in July would have been 0.5% cheaper than they were in June.. This is the first time this year that this balance has contracted, and it is the largest of three declines since January last year.

INE links this overall picture, which is very positive from the consumer’s point of view, to reduction in electricity prices (more pronounced than what happened just a year ago), with falling food prices (who were shot in July last year), and also, although to a lesser extent, with prices for leisure and culture, which are growing, but less than in July 2023.

At the core of inflation, The indicator, which reflects the dynamics of the cost of living without taking into account the prices of food or energy (elements that can greatly distort the data), also falls by two tenths and amounts to the same 2.8%.