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12.07.2024

Consumer inflation in Spain slowed down in June

Final data provided by the National Statistics Institute (INE) showed that in June consumer price growth slowed to 3.4% per annum, as expected, from 3.6% per annum in May. INE said that transport prices rose by 2.7% per annum after an increase of 3.8% per annum in May, while price growth for food and non-alcoholic beverages slowed to 4.2% per annum from 4.4% per annum. On a monthly basis, the CPI rose again by 0.3%, as expected.

Core CPI - excluding energy and fresh food - rose by 3.0% per year after a similar increase in May. 

The data also showed that in June, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - increased by 0.4% compared to May and by 3.6% per annum. Economists had expected an increase of 0.3% and 3.5%, respectively. In May, HICP increased by 0.2% on a monthly basis and by 3.8% per annum.

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