Preliminary CPI for July rises 3/10 of percentage point to 3.5 % year-on-year, whilst core CPI up by 1/10 of percentage point to 3%

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Meanwhile, core inflation, which excludes unprocessed food and energy products, rose by one-tenth of a percentage point in July to 3% year-on-year, contrary to the market’s expectation of a fall of one-tenth of a percentage point. Bankinter’s strategy estimates that the rise in inflation will gradually reach 3.6%–3.7% by the end of Q3 2026, and 3.3% by December 2026. On a monthly basis, the CPI rose by 0.2 per cent, four tenths of a percentage point less than in June. The core rate fell by 0.1 per cent month-on-month, compared with a rise of 0.4 per cent in the previous month. The INE will publish the final CPI figures for July on 13 August.