The INE confirms the rise in the CPI to 10.2% in June, its highest level since 1985

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rose 1.9% in June compared to the previous month and its year-on-year rate shot up 1.5 points, to 10.2%, its highest level since April 1985, according to the final data published this Wednesday by the National Institute of Statistics (INE).

The agency thus confirms the data that advanced at the end of last month, although it has raised the anticipated monthly increase by one tenth, from 1.8% to 1.9%, a rate more than one point higher than that of the previous month and its highest rise in a month of June since 1977.

With the rebound in June, inflation has chained two consecutive months of rises in its year-on-year rate after it moderated in April by 1.5 points, to 8.3%.

Later, in May, it climbed to 8.7% and in June it exceeded the feared double digits: 10.2%.

The figure for June is four tenths higher than the peak reached in March, 9.8%.

According to the INE, the rise in the year-on-year CPI to 10.2% in June is mainly due to increases in fuel prices, fuel for heating, electricity, restaurants and hotels, and of food.

The latter registered an interannual increase of 12.9% in June, a rate almost two points higher than that of May and the highest since the beginning of the series, in January 1994. Particularly noteworthy is the rise in the price of fruits, vegetables and vegetables, meat, bread, cereals and milk, cheese and eggs.

For its part, the rise in fuel prices took the interannual rate of the transport group to 19.2%, more than four points above that registered in May, while restaurant prices caused the group of hotels, cafes and restaurants raised its interannual rate in June to 7.2%, nine tenths more than in May.

Likewise, the interannual rate for the housing group rose 1.5 points in June, to 19%, due to the higher cost of electricity and fuel for heating.

Without taking into account the reduction of the special tax on electricity and the variations on other taxes, the interannual CPI reached 11.1% in June, nine tenths above the general rate of 10.2%.

This is reflected in the CPI at constant taxes that the INE also publishes within the framework of this statistic.

In the last year, heating, lighting and water distribution have become more expensive by 35%;

oils and fats have raised their prices by 37%;

eggs are 23.9% more expensive;

and personal transport costs 19.7% more due to the higher cost of fuel.

In addition, many foods recorded double-digit increases in their prices, such as milk (+20.4%) and fresh fruits (+19.3%).

Core inflation climbs to 5.5%

Core inflation (excluding unprocessed food and energy products) increased six tenths in June, to 5.5%, its highest value since August 1993.

In the sixth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 10%, which is 1.5 points more than in May.

For its part, the advance indicator of the IPCA increased by 1.9% in the monthly rate.

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