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13-06-2024, 02:47 PM
Inflation in the Canary Islands is below the national average for the first time since 2022
The Chamber of Commerce of Santa Cruz de Tenerife has transferred the data on the growth of prices in the Canary Islands, which does so with less intensity than the national average for the first time since October 2022. A price differential that At the moment it stands at two-tenths between both territories after the interannual rate advanced one-tenth in the Canary Islands to stand at 3.4% in May and the national rate rose by three-tenths to 3.6%. Thus, the Canary Islands is the autonomous community with the lowest price growth in the country in the last year.
For the Chamber of Commerce president, Santiago Sesé, “that the Canarian Consumer Price Index is below the national one is good news as it indicates, to a certain extent, that our territory is gaining competitiveness.” A behavior that even places prices above 3%, specifically at 3.4%, with an upward variation in the last year in all goods and services in the shopping basket, except in the case of “ Communications” (-0.2%) and “Clothes and Footwear” (-1.1%), also points out that this increase is fundamentally due to the growth in the price of electricity and that of some groups linked to the services sector. due to the increase in tourist activity. Thus, in the last year the group of “Restaurants and hotels” is the one that grew the most with a variation of 5.5%, three-tenths above the national figure, while energy products in the Canary Islands increased by 6.5% over those from a year ago.
However, let's analyze the behavior of underlying inflation, that which eliminates the most volatile elements of the shopping basket such as energy and unprocessed food. Prices have managed to remain stable in the islands with an interannual variation rate of 2.8%, six tenths lower than the general Canary Islands index and two tenths below the national underlying index (3%).
The Canary Islands registered the least pronounced increase in prices in the country in the month of May
By groups of goods and services, it is worth highlighting the decline of -0.5% in the “Alcoholic beverages and tobacco” group compared to the slight increase of 0.1% in this group at the national level. In the opposite direction, the “Clothing and footwear” group leads the monthly increases with a variation of 1.4% and “Housing, water, electricity and other fuels” with a variation of 0.9%. “Education” and “Food and alcoholic beverages” maintain their stable prices in the month of May, both in the Canary Islands and nationally.
The special group of “Fuels and fuels” after three months of increase fell by 0.7% in the month of May in the Canary Islands, a decrease significantly smaller than the national one which was -2%, reaching the interannual variation rate at 2.3%, half the average growth for Spain as a whole (4.6%). A raw material that has a special impact on the Islands due to its impact on the evolution of the price of “Transport” whose variation in the month has been 0.2% and in the last year 2.5%.
The Chamber of Commerce of Santa Cruz de Tenerife has transferred the data on the growth of prices in the Canary Islands, which does so with less intensity than the national average for the first time since October 2022. A price differential that At the moment it stands at two-tenths between both territories after the interannual rate advanced one-tenth in the Canary Islands to stand at 3.4% in May and the national rate rose by three-tenths to 3.6%. Thus, the Canary Islands is the autonomous community with the lowest price growth in the country in the last year.
For the Chamber of Commerce president, Santiago Sesé, “that the Canarian Consumer Price Index is below the national one is good news as it indicates, to a certain extent, that our territory is gaining competitiveness.” A behavior that even places prices above 3%, specifically at 3.4%, with an upward variation in the last year in all goods and services in the shopping basket, except in the case of “ Communications” (-0.2%) and “Clothes and Footwear” (-1.1%), also points out that this increase is fundamentally due to the growth in the price of electricity and that of some groups linked to the services sector. due to the increase in tourist activity. Thus, in the last year the group of “Restaurants and hotels” is the one that grew the most with a variation of 5.5%, three-tenths above the national figure, while energy products in the Canary Islands increased by 6.5% over those from a year ago.
However, let's analyze the behavior of underlying inflation, that which eliminates the most volatile elements of the shopping basket such as energy and unprocessed food. Prices have managed to remain stable in the islands with an interannual variation rate of 2.8%, six tenths lower than the general Canary Islands index and two tenths below the national underlying index (3%).
The Canary Islands registered the least pronounced increase in prices in the country in the month of May
By groups of goods and services, it is worth highlighting the decline of -0.5% in the “Alcoholic beverages and tobacco” group compared to the slight increase of 0.1% in this group at the national level. In the opposite direction, the “Clothing and footwear” group leads the monthly increases with a variation of 1.4% and “Housing, water, electricity and other fuels” with a variation of 0.9%. “Education” and “Food and alcoholic beverages” maintain their stable prices in the month of May, both in the Canary Islands and nationally.
The special group of “Fuels and fuels” after three months of increase fell by 0.7% in the month of May in the Canary Islands, a decrease significantly smaller than the national one which was -2%, reaching the interannual variation rate at 2.3%, half the average growth for Spain as a whole (4.6%). A raw material that has a special impact on the Islands due to its impact on the evolution of the price of “Transport” whose variation in the month has been 0.2% and in the last year 2.5%.