Inflation in Spain rose to 2.7% in July, up by four-tenths from the previous month, driven by higher electricity, fuel, and lubricant prices, confirmed the Spanish National Statistics Institute (INE) today.
In a statement released today, revealing the final figures for July, the INE detailed that the core inflation rate (excluding energy and fresh food) increased to 2.3% in July, up by one-tenth, while the food inflation rate decreased by one-tenth to 2.7%.
The rise in the overall rate is mainly attributed to the increase in electricity prices compared to a decrease registered in July of last year, and the rise in fuel and lubricant prices for private vehicles compared to the previous year.
Month-on-month, inflation in Spain decreased by 0.1% in July compared to June, following nine consecutive increases since a low last September when prices fell 0.6% compared to August.
Meanwhile, the federal statistics agency of Germany (Destatis) confirmed today that the inflation rate in July remained at 2% year-on-year in Germany and rose by 0.3% compared to June.
“The inflation rate has stabilized since the beginning of the year and once again remained unchanged for two consecutive months,” stated Ruth Brand, president of Destatis, according to a statement.
“The decline in energy prices continues, relieving general price increases. On the other hand, the rise in service prices remains above average and drives the inflation rate,” she emphasized.
The harmonized index of consumer prices, calculated using European Union criteria, stood at 1.8% year-on-year in July and at 0.4% compared to the previous month, as previously reported by Destatis based on preliminary data.
Specifically, energy prices fell by 3.4% year-on-year in July, marking the third consecutive month of decline.
In contrast, food prices increased by 2.2% in July, and service costs rose by 3.1%.
Core inflation, calculated excluding the more volatile food and energy sectors, remained at 2.7% in July, unchanged from the previous month.
