The year-on-year CPI moderates to 2.9% in the Basque Autonomous Community and 2.6% in Navarra in July

The Consumer Price Index (CPI) slowed in July to 2.9% year-on-year in the Basque Autonomous Community (BAC) and 2.6% in Navarre, according to data released Tuesday by the National Statistics Institute (INE). Specifically, the year-on-year rate was six-tenths below that recorded in June in the Basque Autonomous Community and eight-tenths below in Navarre. moderation of price increases This is mainly due to the lower cost of electricity and the slowdown in the rise in food prices.

In monthly terms (from June to July), the Consumer Price Index (CPI) fell by 0.3% in the Basque Autonomous Community and by 0.1% in Navarre.

So far this year, prices have risen by 2.7% in the Basque Autonomous Community and by 2.2% in Navarre.

In July, the year-on-year CPI stood at 2.4% in Álava, 2.9% in Gipuzkoa and 3.1% in Bizkaia. The index fell compared to the previous month in all three provinces: 0.2% in Gipuzkoa, 0.4% in Bizkaia and 0.5% in Araba.

Inflation of the food In Spain, the rate was reduced by 1.1 points to 3.1%, the lowest rate in almost three years. The evolution of food prices is particularly influenced by the drop in the prices of fruit and oils and fats, compared to the rise in July of the previous year, and coincides with the elimination of VAT on olive oil from 1 July. In July, food prices stood at 4.3% in the Basque Autonomous Community and 3.2% in Navarre.

In it Spanish StatePrices fell by 0.5% compared to the previous month, while the annual rate stood at 2.8%, six-tenths less than that recorded a year ago.

On the other hand, the underlying inflationwhich does not include unprocessed food or energy products, slowed by two-tenths in its year-on-year rate to 2.8%. This is the lowest rate since January 2022.