The Spanish economy is still flirting with deflation, or at least the absence of inflation. The CPI data for July confirmed the figure put forward by the INE, and comes to a negative annual rate of 0.3%, the lowest figure in nearly five years. Since October 2009, prices did not fall much, and then the data was conditional because oil soared in 2008 and inflation led to areas of 5%.
The most influential groups in the drop July are transport, ie gasoline, the change has gone from 1% to a scant 0.1% and is responsible for half of the variation in prices. The property, with the lowest growth rates of light, and other food items are responsible for the fall in prices.
However, falling or stagnant prices is not punctual. Of the 57 major product groups including the INE in its calculations, only 25 positive numbers marked in annual terms. Moreover, core inflation, which excludes food and energy and is considered a more stable indicator is at 0%, level that is three months.
In addition, the monthly CPI also recorded a negative rate of 0.9%. It is the lowest figure since January would mark 0.9%. In European terms, the harmonized CPI (used to compare inflation in the euro area) ends the month at -0.4% YoY and -1.5% MoM.
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