(CercleFinance.com) – Inflation in Spain continued to decelerate in June to drop below the 2% target set by the European Central Bank (ECB), according to preliminary data published Thursday by the National Institute of Statistics (Ine).
The consumer price index (CPI) calculated according to national standards fell to +1.9% last month against +3.2% in May, mainly reflecting the slowdown in the prices of gasoline, electricity , food and drink.
The inflation rate harmonized with European standards (IPCA) came out at +1.6%, which corresponds to a decline of more than one percentage point from one month to the next.
These figures are good news for the government of Prime Minister Pedro Sanchez, which has made the fight against inflation one of its priorities in view of the holding of early general elections in the country next month.
UBS economists nevertheless point out that, despite the downward movement in prices in the country, wage growth expressed in real terms remains negative in Spain.
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