Spain: Harmonized inflation drops to lowest level since August 2023 in July
Harmonized inflation came in at 2.9% in July, which was down from June’s 3.6%. July’s figure marked the lowest inflation rate since August 2023. The reading was primarily due to softer growth in prices for food and non-alcoholic beverages. In addition, prices for transportation and for restaurants and hotels grew at a more subdued pace.
The trend pointed up slightly, with annual average harmonized inflation coming in at 3.3% in July (June: 3.2%). Meanwhile, consumer price inflation fell to 2.8% in July from June’s 3.4%.
Finally, harmonized consumer prices fell 0.75% over the previous month in July, contrasting June’s 0.40% rise. July’s result marked the sharpest fall in prices since January 2022.