Inflation rose four-tenths of a percentage point in July, to 2.7%, confirming the change in the CPI trend.

The Consumer Price Index (CPI) rose four-tenths of a percentage point year-on-year in July, to 2.7%, due to a base effect associated with the drop in electricity prices in the same month of 2024 and, to a lesser extent, higher fuel prices.

The National Statistics Institute (INE) published its preliminary CPI data for July on Wednesday. If confirmed in mid-August, this would mark the second consecutive rise in inflation , reaching its highest level since February.

The INE explains that this increase is due to the rise in electricity prices, which had fallen in July of last year, as well as, to a lesser extent, fuel prices, the price of which has risen more than in 2024. Meanwhile, core inflation , which excludes the evolution of unprocessed foods and energy as they are the most volatile, has increased by one tenth this month, to 2.3%.

On a monthly basis, prices fell by 0.1% in July compared to June , when they had risen by 0.7%.

In its assessment of the data, the Ministry of Economy maintains that this inflation trend "is compatible with the strong dynamism of the Spanish economy, which remains a driver of growth among major European countries."

Meanwhile, the harmonized consumer price index (HICP) increased its year-on-year rate by four-tenths in July, to 2.7%, and recorded a monthly decline of 0.4%. Core HICP inflation is estimated at 2.3% for July, according to Statistics.

The INE will publish the final CPI data for July on August 13.