The Consumer Price Index (CPI) rose by 2.2% in the Canary Islands in July on an annual basis, exceeding the previous month’s annual rate (1.7%), according to the final data published yesterday by the National Statistics Institute. At a national level, the CPI increased by four tenths in July, reaching 2.7%.
With the July data, prices have recorded two consecutive months of increases in the autonomous community. On a monthly basis, inflation in the Canary Islands rose by 0.1%, while the increase for the year so far has reached 1.5%.
Fresh fruits top the list of price increases over the past year in the Islands, with a rise of 13.4%, closely followed by beef, which is 12.7% more expensive, eggs, cocoa, and coffee, which cost 12.2% more than a year ago.
Prices also increased in housing, water, electricity, gas, and other fuels, with a rise of 6% compared to July of the previous year; Restaurants and hotels saw an increase of 4.4%, and other goods and services rose by 3%.
The CEOE of Tenerife has noted that while prices in the Canary Islands are more contained than the national average, it is crucial not to become complacent in light of the uncertainty caused by the tariffs imposed by the United States on European products, which could directly impact the economy of the archipelago.
“The tensions in energy, food, and housing prices remain latent and affect both the competitiveness of companies and the purchasing power of households,” stated the CEOE in a communiqué, emphasising that the potential enforcement of a 30% tariff by the United States on European products adds an extra factor of uncertainty.
