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Cristina Vallejo
Malaga
Tuesday, 12 September 2023, 17:56
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Prices increased by 3.1% across Malaga in August, some 0.4% higher than July when the Consumer Price Index (CPI) stood at 2.7%
Inflation increased in the province more than across Spain as whole , with the national rate standing at 2.6% last month, according to the INE national statistics institute data published this Tuesday, 12 September.
Prices also rose more in Malaga than in Andalucía, where the wider region recorded a price increase of 2.9% in August.
There were only two Andalusian provinces that recorded a higher inflation than Malaga; Cadiz (3.4%) and Almeria (3.2%). The smallest increase was in Jaén (2.4%).
Food inflation below 10%
Food prices rose by 9.9% in August in Malaga, compared with the same month last year. According to the statistics, it is the first time after 16 months the province hasn't recorded a double-digit increase.
It is the lowest rise since March 2022, when food prices in Malaga rose at a rate of 7.9%. Across Spain, the increase recorded in August was 10.4%, while it was 10.6% in Andalucía.
Hospitality, healthcare and education become more expensive in Malaga
If food plays in Malaga's favour, what are the elements that cause the general price index to rise more in the province than in Spain as a whole? One of the keys lies in the evolution of restaurant and hotel rates: if at a national level they have become more expensive by 6.4% year-on-year, in Malaga the increase is 7.9%.
Prices for leisure and culture also rose more in the province than in Spain as a whole (7.7% compared to 7%). Other product groups that also become more expensive on the Costa del Sol than nationally are transport (2.8% compared to 1.2%), healthcare (3.7% compared to 2.1%). %) or teaching (3% compared to 1.6% nationally).
However there are also other components of the CPI that perform better in Malaga than in Spain. For example, housing prices and their basic supplies (water, electricity and gas) fell by 19.7% in the province, compared to the 18% national drop. Electricity and gas, specifically, became cheaper by 43.2% in Malaga and 39.1% in the country. And if clothing and footwear became more expensive by 2.2% in Spain in August, in Malaga they became cheaper by 0.2%.
According to Santiago Martínez, head of economic and financial analysis at Ibercaja, the best figures collected in the latest inflation statistics from the INE are those of electricity and gas, after their recent drops, have moderated to levels not far from those prior to the pandemic and the invasion of Ukraine." Specifically, regarding the data for Spain as a whole, the price of electricity would has risen by just 2.7% and natural gas has fallen by 6.4% compared to the levels of August 2019.
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