Spain's Inflation Rate Rises in July

Spain's annual inflation rate reached 2.7% in July, according to the final report released by the National Statistics Institute (INE) on Wednesday. This marks an increase from the 2.3% recorded in June, aligning with preliminary estimates.

Key Drivers Behind the Increase

The acceleration in inflation was primarily driven by a significant 6.7% jump in housing prices, followed by a modest 0.2% increase in transport prices.

Monthly and Core Inflation Trends

On a monthly basis, consumer prices saw a slight decline of 0.1%. The Harmonized Index of Consumer Prices (HICP) showed a 2.7% year-on-year increase but a 0.3% decrease from June. Meanwhile, the annual core inflation rate, which excludes unprocessed food and energy products, remained steady at 2.3%.