The National Institute of Statistics has published the consumer price index corresponding to July 2021, when a variation of 2.9% was experienced, which also supposes an increase of two tenths with respect to that registered in June. The rise has been mainly due to hotels and food, while electricity has not yet added due to the effect of VAT drop. However, it is expected that it impacts with force next month.
This year-on-year rate of 2.9% is the highest since February 2017 (then it was 3%). The rebound supposes the seventh consecutive positive rate of the annual CPI and puts inflation on levels that had not been seen in this decade.
Among the groups that influence this increase in the annual rate include hotels, cafes and restaurants, which have a rate of 1.1% (more than one point and a half higher than the previous month) due to the increase in prices. of accommodation services, which descended in July 2020 in which tourism was very affected by the pandemic.
For its part, the group of food and non-alcoholic beverages registers a variation six tenth above the June (1.7%). According to the INE, in this behavior, the increases in the prices of oils and fats and fish are highlighted, in addition to the fact that fruit prices fell more in 2020.
In the case of housing (with an annual variation of, 9.4%, a point and a half below June) the change is due to the decrease in electricity prices due to VAT, as well as To the increase that was experienced by 2020. However, the current light crisis has already made this measure been overwhelmed by the wholesale markets, so it is expected to impact strongly in a record August, with prices that currently They exceed 100 euros / mwh on average.Updated Date: 13 August 2021, 05:14