economy

Canary Islands record lowest CPI in 3 years: A closer look at price increases and decreases

The Canary Islands saw their lowest inflation rate (CPI) in three years, with notable changes in housing, transport, and hospitality costs.

The Canary Islands have recorded their lowest Consumer Price Index (CPI) in three years, with notable fluctuations in the cost of various goods and services. According to data from the National Statistics Institute (INE), the year-on-year CPI in September rose by 1.6%—nine-tenths lower than the previous month’s year-on-year increase, marking the lowest point since April 2021. Additionally, inflation in the region decreased by 0.6% month-over-month, though prices have seen a cumulative increase of 1.1% since the beginning of the year.


Price Increases in Key Sectors

Canary Islands record lowest CPI in 3 years: A closer look at price increases and decreases

Among the categories with the most significant year-over-year increases, restaurants and hotels topped the list, with a 4.6% rise compared to September 2023, albeit a slight decrease from the previous month. Alcoholic beverages and tobacco followed with a 3.9% increase, and housing-related costs, including water, electricity, gas, and other fuels, rose by 3.1%. Education expenses also saw a notable rise of 2.7%.

Areas with Falling Prices

On the other hand, transportation costs decreased by 1.6% from the same month last year, with clothing and footwear dropping by 1.4%. Communication services also saw a slight reduction, down by 0.2%.

Comparison with National CPI Trends

Canary Islands record lowest CPI in 3 years: A closer look at price increases and decreases

At the national level, Spain’s CPI fell by 0.6% in September compared to the previous month, bringing the year-on-year inflation rate to 1.5%. Regionally, Asturias and the Basque Country had the highest year-on-year CPI rates at 1.8%, while Cantabria and Murcia recorded the lowest at 1%. All regions saw a reduction in their year-on-year rates, with Ceuta, Cantabria, and Galicia each experiencing the most significant drops at 1%.

As the Canary Islands continue to experience shifts in the cost of living, residents are encouraged to keep an eye on these changes and adjust their spending as necessary.


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