July Consumer Price Index stands at 2.2%

INEThe annual change of the CPI for the month of July stands at 2.2%, three tenths above the change registered the previous month.

This is according to figures released by the National Institute of Statistics who summarise the main points as follows:

  • The annual change of core inflation increases one tenth, standing at 1.4%.
  • Monthly change of the overall index is –0.2%.
  • The Harmonised Index of Consumer Prices (HICP) annual change stands at 2.2%, four tenths higher than that registered in June.

Annual evolution of consumer prices 

The annual change for the overall Consumer Price Index (CPI) in July was 2.2% three tenths higher than that registered in June. This change was the same than the CPI flash estimate, published last 30 July.

The groups that most contributed positively in this rate were:

• Medicine, with an annual change of 6.6%, almost ten points higher than the previous month, mainly due to the variation in the rubric of medical and other pharmaceutical products, as a result of changes on its specific legislation of financing.

• Transport, whose annual variation increased nine tenths and stood at 3.8%, mainly due to the increase in prices of fuels and lubricants, and less in air transport, more acute this month than July 2011.

• Housing, with an annual change of 5.4%, four tenths higher than the previous month, mainly due to the increase in prices of electricity. Besides this increase, worth noting the drop on the annual change of gas, whose prices increased more in 2011 than this month.

Although there was an increase to the annual change of the CPI, it’s worth noting the decrease in prices in the following groups:

• Food and non-alcoholic beverages, that presented an annual variation of 1.8%, four tenths lower than the previous month. In this behaviour, worth noting the decrease in prices of fresh vegetables and poultry meat. Besides the decreases, highlight the increase in price of fresh potatoes and potatoes preparations, as compared with the decrease registered in July 2011.

• Alcoholic beverages and tobacco, with an annual change of 9.5%, two points lower than the previous month, mainly due to the increase in prices of tobacco was lower this month than the previous year.

Monthly evolution of consumer prices

In July, the monthly change of the overall CPI was –0.2%.

The groups with the greatest negative monthly contribution to the overall index were the following:

• Clothing and footwear, whose monthly change of –12.2%, covering the effects of the drops in prices prior to the summer sales campaign. Its contribution to the overall CPI was -0.980.

• Furnishings, household equipment and routine maintenance of the house, that presented a monthly change of –1.1% and a contribution of –0.073, mainly due to the drop in prices of household textiles articles and furniture.

You can download the complete press release here: Consumer Price Index (CPI) – July 2012

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