Inflation in July hits 9.1% 

Energy prices increase 31.2%

INE, the national statistic institute, has released new figures today on inflation which has been rising steadily since the start of the year. July saw it accelerate to 9.1%, explain reports – alluding to the ‘greatest value since November 1992’.

The Consumer Price Index continues to be pressured by the prices of food and energy. INE estimates that energy prices increased by 31.2% (which is actually a 0.5% fall on June’s value), while food products went up by 13.2% – which compares with 11.9% in June.

Subjacent inflation – meaning inflation that excludes energy and food products, due to their volatility – is significantly lower, coming out at 6.2% (increasing from the 6% of June). This figure is the most elevated since April 1994, says Expresso, stressing nonetheless that “compared with June, the variation in inflation has been negligible (official description: null). Taking the last 12 months, inflation has grown on average by 4.7%, says the paper.

According to INE, the Harmonised Index of Consumer Prices (HICP) – the indicator that allows comparison of inflation between European countries – is now at 9.4%, when June saw it at 9%.