Inflation rose again in June, exceeding the 4.5% target

Inflation rose again in June, exceeding the 4.5% target
Inflation rose again in June, exceeding the 4.5% target

The inflation In June, the figure rose again, reaching 4.96% year-on-year. In May, the variation was 4.1%, and although this is the second consecutive month of growth, the figures are still within the target range.

The data comes from the latest report on the Consumer Price Index (CPI) estimates prepared by the National Institute of Statistics (INE)corresponding to June; which also shows the thirteenth consecutive month within the range between 3% and 6% set as a target by the government.

He CPI The monthly variation was practically zero, at 0.36%, slightly above expectations; while the annual cumulative variation reached 3.62%, setting the General Index number at 108.34. The alerts are being raised because this is the second month of inflation increase, thus exceeding the target of 4.5%, although still within the range.

In comparison to June 2023, the number of General index was 103.22; while the accumulated monthly variation then was a fall of 0.46%, and the annual variation of 3.78%. During the third month of last year, the CPI estimate reached 5.98% on an interannual basis.

As for underlying inflation, the CPI with exclusions registered a similar increase of 0.41% in the month, accumulating 3.12% in the first half and reaching 4.18% annually.

CPI inflation INE June.jpg

Which products had the highest increases?

When investigating the divisions with the greatest impact on the variation of the CPI, The main one was Recreation, Sport and Culture (1.40%), followed by Transport (0.43%), Food and non-alcoholic beverages and Living place, water, electricity, gas and other fuels (both 0.29%).

Looking at which products had the greatest increases, vegetables, tubers and legumes stood out, with an increase of 2.04%, driven by zucchini and courgettes (31.58%), onions (17.83%) and chard (16.06%).

The 5.54% increase in the increase in was also highlighted. Tourist packages abroad, probably due to the impact of the Winter Break.

Among the items that dropped in price are: lemons, with a decrease of 19.08%; oranges, with 11.9%; lettuce, with 6.39%; and ham, with a fall of 2.43%.

Source: Ambito

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