The National Statistics Institute (INE) has revised the consumer price index (CPI) for July upwards by one tenth to 3.6%, four tenths more than the previous month, mainly due to the increased cost of fuels and lubricants for vehicles and electricity.
However, the INE has kept the core inflation rate – which excludes energy and unprocessed food as the most volatile components – unchanged from the data released two weeks ago, placing it at 3%, one tenth higher than in June.
The group that most contributed to the CPI increase was transport, whose annual rate rose by more than one point to 6.2%, an increase mainly due to the higher rise in prices of fuels and lubricants for personal vehicles compared to July 2025.
The housing group also had a positive influence, with its annual variation at 5.7%, one point above that of last month, due to the increased cost of electricity.
Fuels rise 31.5% and electricity, 8.4%
Liquid fuels became 31.5% more expensive in July – 15.7% in the case of diesel and 7.3% for gasoline – due to the persistent impact of the Middle East conflict on international markets, while electricity rose 8.4% and natural gas, 4.1%.
The Ministry of Economy, Trade and Business indicates in a statement that the rise in diesel is above the 15% threshold foreseen in the decree of measures to contain the impact of the war in Iran, so the safeguard clause of the Response Plan will be automatically activated in September.
Thus, the reduction in the hydrocarbon tax applicable to diesel will be raised to 20 cents per liter in September, compared to the 5 cents foreseen for that month.
Gasoline, on the other hand, as it does not exceed the established threshold, maintains the ordinary gradual withdrawal schedule, with a reduction of 5 cents per liter in September.
The smallest increase in food prices since 2021
Regarding non-alcoholic food and beverages, their prices increased by 1.6% in July, three tenths below the June rate and a minimum not seen since 2021, although the increased cost of products such as fresh berries (17.2%), fresh citrus fruits (15.5%), eggs (13.4%), and beef (9.9%) stands out.
The biggest drops in the shopping basket corresponded to tropical fruits, dates, and figs, 15.4%, and to other fresh fruits, 14.8%.
Leaving aside the food and energy sectors, the items that became more expensive compared to a year earlier were jewelry and wristwatches, 24%; garbage collection, 22.7%; baby clothing, 10.1%; and hotels and restaurants, 9.9%.
On the other hand, the biggest drops in July were recorded by passenger transport by air, international, 10.2%; passenger transport by sea and inland waterways, 9.9%; newspapers, 6.2%; and equipment for the reception, recording, and reproduction of sound and images, 5.6%.
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