Inflation grew 10.8% in July, a maximum since 1984

The Consumer Price Index (CPI) grew by 10.8% points in July, a maximum since September 1984 and six tenths above the year-on-year rate registered in June, of 10.2%, according to the final data published this Friday by the National Statistics Institute (INE).

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The organization confirms the data that advanced at the end of last month, and inflation chains two consecutive months above 10%. Since February it has not fallen below 7%.

On this occasion, the rise in inflation compared to the same month last year is mainly due to increases in housing prices, electricity, the section of the basket that has to do with clothing and footwear and to food and non-alcoholic beverages. These shot up 13.5%, a record from January 1994, when this specific series began to be calculated.

For their part, transport prices fell three points compared to June data, down to 16.2%, due to the drop in the price of fuels and lubricants.

More persistence of inflation

Core inflation (excluding unprocessed food and energy products) increased six tenths in July, to 6.1%, at the highest rate since January 1993, which indicates a greater persistence of price increases in this crisis. The latest forecast from the European Commission points to an average increase in the CPI in 2022 of 8.1%, close to the estimate of 8.3% for the European Union (EU) as a whole.

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