The aid package approved to address the effects of the Iran war has managed to keep inflation in June at 3.2% for the third consecutive month. The outbreak of the conflict caused prices to soar by 3.4% in March, but since then it has remained at this rate of 3.2%, certainly very high, but not skyrocketing.
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INE has confirmed today the data advanced two weeks ago, maintaining the same rate of 3.2%. The reason is that fuels have pulled downwards, given that they still enjoyed the reduced VAT and that Brent oil prices moderated; but this reduction was offset by the increase in electricity and gas prices. Here a VAT was especially perceived that on June 1 returned from the 10% rate to the usual 21%, given a good evolution of the prices of these two products the previous month.
On the other hand, food moderates its rise to 1.9% in June, which is three tenths below 2.2%, representing its lowest year-on-year rate since early 2025.
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Core inflation, which does not take into account energy or fresh food, moderates by one tenth, and stands at 2.9%. In this case, it is determined by a moderation of some tourist services, and also coincides with the INE’s advanced data.
The Ministry of Economy considers that the aid package, now already established in a second, smaller version, until September 30, has allowed a reduction of one percentage point in general inflation since it was approved on March 20.
