The National Institute of Statistics (INE) has revised the consumer price index (CPI) for August upwards by one tenth, to 2.3% year-on-year, a percentage that in the Canary Islands was 2.5%, which placed the islands with the second highest rate in the country, after registering a monthly increase of 0.2%.
So far this year, the CPI has risen by 1.7% in the Canary Islands, mainly due to the rise in prices recorded in the sections relating to housing and alcoholic beverages and tobacco, by 4.2% and 4%, respectively.
The national annual CPI rate is five tenths less than the previous month, while food inflation was cut by six tenths, to 2.5%, the lowest rate in three years.
The INE has confirmed this Tuesday the underlying inflation rate (excluding energy and unprocessed food) advanced two weeks ago, which stood at 2.7% year-on-year in August, one tenth below the previous month.
The moderation of the CPI has been influenced by the fall in the price of fuel and lubricants, which rose in the same month of 2023, and the fall in the prices of oils and fats, and of legumes and vegetables, compared to the increase a year ago.
Inflation fell in August, but not as much in the Canary Islands
Housing prices, as well as those of alcoholic beverages and tobacco, are the main reasons why the CPI in the Canary Islands is higher
September 12 2024 (15:26 WEST)
