After two consecutive months of decline, the Consumer Price Index (CPI) increased by 0.1% in July to 2.3%, which represents an increase of four tenths of a percentage point in the year-on-year rate.

The National Statistics Institute, which released the data on Friday, attributed this behaviour to the rise in fuel prices and package holidays. In addition, it has clarified that the prices of clothing and footwear have not fallen as much as they did in July 2022. On the other hand, electricity and gas prices have decreased compared to the same month last year.

The INE also points to a rise in core inflation – which excludes the most volatile products such as unprocessed food, energy and fuels – which in July reached 6.2%, three tenths more than the previous month and almost 4 points more than the general CPI.

Nadia Calviño, First Vice-President of the Government and Acting Minister of Economic Affairs, has made an initial assessment of the advance CPI data, pointing to “a progressive stabilisation of prices” and alluding to the Government’s management: “Our economic policy is working, as demonstrated by the strong growth, job creation and price stability that contrasts with the situation in the countries around us, to the benefit of Spanish companies and families”, she added.