It also chains two consecutive months of fall. Core inflation has fallen to 5.9%. The INE will publish the final CPI data for June on July 12.
The consumer price index (CPI) rose 0.6% in June from the previous month and cut the interannual rate by 1.3 points to 1.9%, the lowest level since March 2021, due to the fact that the increase of fuel, electricity and food prices were lower than a year earlier.
With the decline in June, inflation has seen two consecutive months of declines after moderating by nine-tenths in May, to 3.2%, according to advanced data released this Thursday by the National Institute of Statistics (INE).
The INE includes an estimate of core inflation in the CPI data outlook (excluding unprocessed food and energy products), which fell by two-tenths in June to 5.9%, 4 points above the general CPI and at the lowest level since June 2022.
The government of Spain has just extended the VAT cut on basic foodstuffs that expired this Friday. This tax cut will be maintained as long as underlying inflation remains above 5.5%.
The INE will publish the final CPI data for June on July 12.
The Ministry of Economy and Digital Transformation, after taking note of June data, stressed that Spain is “the first major economy in the eurozone to bring inflation below 2%”, the reference level of the European Central Bank (ECB).
The department led by Nadia Calviño has stressed that the government’s measures have made it possible to reduce inflation “by almost 9 points in less than a year”.
The ministry also indicated that inflation data for June confirm moderation in food and non-alcoholic beverage, fuel and electricity prices.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
