The Canary Islands have recorded their second consecutive month of rising prices, with fresh fruit and beef topping the list of the steepest increases. Business leaders are warning of economic uncertainty linked to international trade tensions, particularly potential US tariffs on European goods.
Inflation Accelerates in July
According to final figures released yesterday by the National Statistics Institute (INE), the Consumer Price Index (CPI) in the Canary Islands rose by 2.2% year-on-year in July, up from 1.7% in June. Nationwide, inflation stood slightly higher, increasing by four-tenths of a percentage point to 2.7%.
In monthly terms, prices in the archipelago increased by 0.1%, while cumulative inflation for the first seven months of the year reached 1.5%.
Fresh Fruit and Beef Lead the Surge
Over the past year, fresh fruit prices have risen by 13.4%, making them the fastest-climbing product category. Beef follows closely, up 12.7%. Other notable increases include eggs, cocoa and coffee, each 12.2% more expensive than in July 2024.
Beyond food, price rises were also recorded in:
- Housing, water, electricity, gas and other fuels: +6%
- Restaurants and hotels: +4.4%
- Other goods and services: +3%
Business Sector Warnings
The Tenerife branch of the Spanish Confederation of Employers’ Organisations (CEOE) has noted that, while inflation in the Canary Islands remains below the national average, there is no room for complacency. The organisation highlighted the uncertainty created by the possibility of US tariffs of up to 30% on European products, which could directly affect the Canary Islands’ economy.
“Tensions in energy, food, and housing prices remain latent and have a direct impact on both business competitiveness and household purchasing power,” the CEOE stated. “The potential introduction of a 30% US tariff on European products adds yet another factor of uncertainty.”
