Inflation in the Canaries drops to 5.8 % due to lower fuel prices

Lower fuel prices have been a major factor in moderation of the inflation in the Canary Islands at the end of 2022

Inflation has moderated in December in the Canary Islands to conclude the year at 5.8 %, 1.1 points below the level it had only a month earlier (6.9 %), due to lower fuel prices and the lower rise in the price of electricity, according to data published by the National Statistics Institute (INE).

The behaviour of the year-on-year CPI rate in the islands has been very similar to that observed in Spain as a whole, where the same factors also caused inflation to fall by 1.1 points from November to December, in this case from 6.8 % to 5.7 %.

The detailed data for the Canary Islands indicate that prices rose from November to December by 0.1 %, with particularly significant monthly increases in leisure and culture (1.3 %), food (1.0 %), other goods and services (0.8 %) and household goods (0.7 %).

In contrast, in the last month of the year, transport (which includes the impact of fuel prices) fell by 2.8 %, clothing and footwear by 1.6 % and alcoholic beverages and tobacco by 0.2 %.

In the final balance for 2022, the most inflationary sector of the Canarian economy was food, which rose by 15.3% (four tenths of a percentage point less than in the rest of the country), followed by tourism and restaurants, with a rise of 8.8%; household goods, with 8.4%; transport, with 5.6%; the heading of other goods and services, with 5.0%; and alcoholic beverages and tobacco, with 4.3%.

Scroll to Top