The interannual CPI falls to 2.9% in BAC and 2.6% in Navarra in July

The Consumer Price Index (CPI) fell in July to 2.9% year-on-year in the Basque Autonomous Community (CAV) and 2.6% in Navarra, according to data provided on Tuesday by the National Statistics Institute (INE). In concrete terms, the interannual rate is six tenths lower than that of June in the BAC and eight tenths lower than in Navarra. The moderation of the price increase This is mainly due to cheaper electricity and the slowdown in food price increases.

On a monthly basis (from June to July), the consumer price index (CPI) fell by 0.3% in the BAC and by 0.1% in Navarra.

So far this year, prices have risen by 2.7% in the BAC and by 2.2% in Navarra.

In July, the interannual CPI was 2.4% in Álava, 2.9% in Gipuzkoa and 3.1% in Bizkaia. The index fell in all three areas compared to the previous month: 0.2% in Gipuzkoa, 0.4% in Bizkaia and 0.5% in Araba.

The price of the food It fell in July to 4.3% in the BAC (seven-tenths compared to June) and to 3.2% in Navarra (nine-tenths since June). Food inflation in the Spanish State fell by 1.1 points to 3.1%, the lowest figure in almost three years. The evolution of food prices is mainly influenced by the fall in the prices of fruit, oils and fats, compared to the increase in July of the previous year, and coincides with the abolition of VAT on olive oil from 1 July.

In it Spanish stateprices fell by 0.5% compared to the previous month, while the annual rate was 2.8%, six-tenths less than a year ago.

On the other hand, the core inflationwhich excludes unprocessed foods and energy products, the annual rate fell by two-tenths to 2.8%, the lowest rate since January 2022.