Inflation picks up in July to 2.3% due to higher fuel and food prices

Inflation accelerated in July to 2.3%, 4 tenths more than in June, driven by higher fuel prices in a month in which the price of food and beverages rose 10.8%.

The National Institute of Statistics (INE) has confirmed this Friday the data of the consumer price index (CPI), which shows a rise in food five tenths higher than that of June due to the increase in the cost of fruit and oils and fats.

With this rebound, inflation leaves behind two consecutive months of moderation, May (3.2%) and June (1.9%), although it is far from the double-digit rates registered in the summer of 2022, partly due to the effect of comparing with a period in which prices were already rising.

For its part, the INE has confirmed that core inflation (excluding unprocessed food and energy products) rose three tenths in July, to 6.2%, standing almost four points above the general CPI.

Statistics have attributed the increase in the general CPI to the rise in prices of fuels and lubricants for personal vehicles, the increase in the cost of clothing and footwear, the increase in tourist packages and the rise in food and non-alcoholic beverages.

In the case of the prices of food and non-alcoholic beverages, the INE has confirmed that they increased their variation by five tenths and reached 10.8%, due to the fact that the prices of fruit and oils and fats increased in July this year, compared to the decrease registered in the same month of 2022.