The price of food has moderated in June by more than one and a half points -it is the fourth consecutive month in which the products in the shopping basket slow down their rise- and this, together with the fact that the fuel and electricity bill also fell has appeased in the last month in relation to the same one a year ago has allowed the annual inflation rate to stand at 1.9%, its lowest level since April 2021, in more than two years. Spain thus confirms itself as the first major euro economy to manage to reduce its CPI rate below the medium-term objective of 2% set by the European Central Bank (ECB).
Despite the fact that in June legumes and vegetables became cheaper by 4% in relation to the previous year, since milk, cheese and eggs remained stable; fruit, bread, cereals and meat continued to rise in price, although less than a year ago. The prices of oils and fats also rose, which, however, fell in June of last year. Thus, the rise in food prices continued to be in double digits in June. Overall, food is 10.3% more expensive than a year ago, so the pressure on consumers’ pockets still remains.
The data made public this Wednesday by the National Institute of Statistics (INE) confirm what was advanced just a few weeks ago, also with regard to underlying inflation, which excludes energy and fresh food. Specifically, its rate fell two tenths to 5.9%, that is, its lowest level in the last year.
Sources from the Ministry of Economic Affairs and Digital Transformation emphasize that the measures adopted by the Executive of Pedro Sánchez have reduced inflation by almost nine points in less than a year and that this “positive evolution confirms the effectiveness of the main reduction measures of taxes and allowances”.
