In July 2026, monthly inflation measured by the Consumer Price Index (CPI) was 0.8%, while annual inflation compared with July 2025 was 4.5%, the National Statistical Institute (NSI) said. Annual inflation decelerated for the second month in a row, after peaking at 6.9% in May, its highest level since August 2023.
Inflation since the beginning of the year (July 2026 compared with December 2025) was 3.7%. Average annual inflation for the August 2025-July 2026 period compared with the August 2024-July 2025 period was 5.1%.
According to NSI data, monthly inflation in June was minus 0.9%, while annual inflation was 5.4%. In May, the respective rates were zero and 6.9%; in April, 1.8% and 6.8%; in March, 0.9% and 4.1%; and in February, 0.4% and 3.3%. The year started with monthly inflation of 0.6% and annual inflation of 3.5%.
Monthly inflation
In terms of the CPI, in July 2026, prices increased in the following consumer groups:
Recreation, sport and culture, by 11.6%;
Restaurants and accommodation services, by 2.3%;
Housing, water, electricity, gas and other fuels, by 2.0%;
Education services, by 0.5%;
Information and communication, by 0.2%;
Health, by 0.2%.
Prices decreased in the following consumer groups:
Clothing and footwear, by 2.9%;
Insurance and financial services, by 1.8%;
Food and non-alcoholic beverages, by 1.0%.
Accumulated inflation
The accumulated inflation, measured by CPI, was 12.7% for the last three years (July 2026 compared to July 2023) and 43.4% for the last five years (July 2026 compared to July 2021).