Prices in bars and restaurants have gone up more in the Canaries than anywhere else is Spain

The Canary Islands have experienced the biggest price increases in bars and restaurants in the whole of Spain over the past year, according to data from the Consumer Price Index (CPI) for August, which were released today (Tuesday).

Specifically, the CPI for the hospitality sector in the Canary Islands has risen by 7.8%, followed closely behind by the Valencian Community, with a 7.2% increase, and Andalusia, with a 6.8% rise. All three regions have surpassed the average year-on-year increase in the sector, which stands at 6.4%.

Conversely, the smallest increases in bar and restaurant prices over the past year were seen in Extremadura (5.1%) and Murcia and the Basque Country, where prices have risen by 5.6% in both regions.

Interestingly, the rise in prices in bars and restaurants across Spain in August continued to exceed 6%, while the overall CPI inflation trend marked just a 2.6% annual increase.

However, this remains lower than the inflation rate which recorded a 10.5% annual increase, according to data from the National Institute of Statistics (INE), processed by the Hospitality Association of Spain.

Overall, the annual CPI rate contracted by 0.1% in August in the Canary Islands compared to the previous month, settling at 3.5%, as per the data released this morning by the INE.