Wholesale inflation flattens out in July and price pressures ease
Wholesale prices were flat in July and inflation pressures in the guts of the economy also eased, adding to recent evidence of a slowdown in the rising cost of living.
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 — may contain errors; check the original before relying on it.
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