Inflation in Spain soared in July to 10.8%, six-tenths of a percent above that recorded in June and the highest since September 1984, according to the final data published this Friday by the Spanish national statistical institute (INE). The organization thus confirms the advance data it released at the end of last month, although the final figure has risen a further 0.1%. With the July rise, inflation has been in double-digits in the Spanish state for two consecutive months, after reaching 10.2% in June. According to the INE, the year-on-year increase in the Consumer Price Index (IPC) up to 10.8% in July is mainly due to increases in electricity, clothing, and food and non-alcoholic beverages, with food prices rising 0.6% to make up 13.5% of the total basket of houshold costs, the highest figure since the statistic was first measured in January 1994. Transport prices, on the other hand, fell 0.3% compared to June data, to 16.2%, due to the drop in the price of fuel and lubricants.
Underlying inflation, which excludes unprocessed food and energy products, also rose six-tenths of a percent in July to 6.1%, its highest since January 1993. In the seventh month of 2022, the Harmonized Consumer Price Index (IPCA) had a year-on-year figure of 10.7%, an increase of 0.7% above the June data.
Double digits in Catalonia
The Consumer Price Index in Catalonia continues to grow at a record rate and stood at 10.3% in July. For the first time, the number exceeds the double-digit barrier and, once again, marks a maximum since records began to kept by Spain's autonomous communities in 2002. In June, inflation stood at 9.7%, so this month it has climbed another six-tenths of a percent. The increase has been driven mainly by electricity, gas and fuel. Food prices have risen by 11.9% compared to a year ago. In the shopping basket, some food products showed spectacular increases: cooking oil (+27.5%), milk (+22.9%), cereals (+20.5%), sheep meat (13%), fruit (+12.6) and coffee (+11.4%). Inflation has also risen especially in accommodation services (+27.4%) and in tourist packages (+17.9%), in this first summer without Covid restrictions.