Canary Islands records 4% inflation in January, the highest rate in Spain

In January, the Canary Islands experienced the highest inflation rate in Spain, reaching 4%. This marks a notable increase from the previous month, when it was 3.4%, three-tenths higher than the rate recorded in December.

This surge is attributed to the increased cost of electricity, while food prices rose by one-tenth compared to the previous month, reaching a significant 7.4%.

Despite fluctuations in other regions, the Canary Islands maintained a consistent 4% inflation rate, standing out as the highest in the country.

The National Institute of Statistics (INE) has officially confirmed the preliminary inflation data released two weeks ago. Additionally, the core inflation rate, excluding energy and fresh food, moderated by two-tenths at the national level, settling at 3.6%. This represents the lowest rate since March 2022.

The notable contributors to the overall inflation in January include a sharp increase in the prices of certain food items on a year-on-year basis. Oils and fats experienced a massive increase of 43.2%, followed by fresh legumes and vegetables at 15.6%, fresh fruits at 13.7%, and pork meat at 12.4%.

These figures shed light on the specific sectors that significantly influenced the inflationary trends in the region during the reported period.