Spanish inflation up to 3.6% in July due to rising fuel prices
The Corner Consejeros Editorial Team The rise in fuel prices has caused inflation to rise by four tenths of a percentage point in July, bringing the Consumer Price Index (CPI) to 3.6 per cent, according to final figures published by the National Statistics Institute (INE). In fact, the Government has announced that the reduction in the hydrocarbon tax applicable to diesel will rise to €0.20 per…
Spanish inflation rose to 3.6% in July, according to the National Statistics Institute. This increase was driven by rising fuel prices, which pushed up the cost of transportation. The statistics office initially estimated inflation at 3.5% in July, but later revised it upwards.
Food and non-alcoholic beverage prices fell, particularly for fruit and vegetables. The rise in energy costs, including motor fuels and electricity, contributed to the increased inflation rate. Spain's central bank had previously raised its inflation forecast for the full year to 3.6%.
Spain has experienced five consecutive months of annual inflation above 3%, driven by higher electricity and fuel costs. The partial closure of the Strait of Hormuz has also had an impact on global energy markets. In July, power prices reached €100 per MWh, the highest year-on-year figure since 2022, according to Euronews.
Brief written by urgent.news from The Corner, Free Malaysia Today, Euronews, Saudi Gazette, Ajel English — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
