From bad to worse… Canary Islands, despite all the public support measures used in the region to avoid or reduce such bad results (import aid from Specific Supply Regime -REA-, support for the transport of goods between the Peninsula and the Canary Islands and between the islands themselves by sea and air, and the Posei community program to support local agricultural products and the same model for island fishing and aquaculture, among other regulated payment instruments), remains in August 2023 the community autonomous region of Spain where the group prices of food and non-alcoholic beverages which has grown the most, the so-called shopping basket, which are those goods that have a more inelastic nature (the demand does not depend much on the evolution of the price because they are necessities) that are the first requirement, such as in the case, etc., of potatoes, through the roof now; milk, pasta and a long others.
CPI decreased by 0.1% in August in the Canary Islands
According to the records published today by the National Institute of Statistics (IPC), the islands are once again in a bad picture situation for August 2023. The image revealed by the Consumer Price Index (CPI) statistics for that that month did not leave no room for doubt, and it has been like this for several months now.
In August 2023, in the Canary Islands there was an annual increase in the shopping basket of 12.5% that community. a point and some. distance from the second worst parameter, that of Cantabria, with 11.5%.
In addition, the Canary Islands exceeded the average value of Spain by 2.1 percentage points, by 10.5% for the record of the last 12 months and the same control group, that is, from September 2022 to August 2023.
The archipelago not only has the most expensive shopping basket, with an increase of 12.5% per year, but it also leads, in a negative way, the increase in the same price control group, food. in the first eight months of the year, with 7.5%. This is the strongest increase among all autonomous communities, 2.1 points above the national average.
The behavior of prices in the same chapter remains at the level of the Spanish average between July and August, with more than 0.2%, the fourth factor that increases significantly in this monthly data, much less than the transportation, with 1 .9% , and hotels, cafes and restaurants (August, the favorite month for vacations), with 0.8%, and very similar to household appliances, with 0.3%.
The Islands, almost one point more inflation than the national average
The annual rate of the CPI in the Canary Islands, it is true, fell by the tenth in August compared to the previous month and stood at 3.5% (3.6%, in July 2023), with food, something already outlined, 12.6% more expensive than last year (in 12 months). This specific increase from July to August did not prevent the Archipelago from becoming the most inflationary autonomous community in Spain last month, with an interannual ceiling of 3.5%, surpassed only by the autonomous cities of Ceuta and Melilla.
In Spain as a whole, the CPI increased by 0.5% in August compared to the previous month, July, and thus increased the annual rate by three tenths, to 2.6% (0.9 points less than inflation in the Canary Islands , 3.5%). This is mainly due to the increase in the price of gasoline and lubricants for personal vehicles and liquid fuel.
With the progress shown last August, the average inflation in the country chained two consecutive months of increase, after rising by four tenths in July 2023, to 2.3%. Along with the increase in fuel prices, INE promotes the increase in electricity and accommodation services.