The president of the Official Chamber of Commerce, Industry, Services, and Navigation of Santa Cruz de Tenerife has expressed concern over the recent increase in inflation in the Canary Islands, which reached 3.4% in June. This figure doubles the rate recorded a year ago (1.7%) and is higher than the national average, a situation not seen since September 2024.
The rise in energy product prices, particularly fuels, driven by geopolitical tensions in the Middle East, is the main factor behind this rebound. The accumulated increase in fuel prices in the Canary Islands over the past year stands at 24.6%, significantly higher than the 7% average in Spain.
This increase in energy costs directly impacts the transport sector, with prices rising by 8.3% year-on-year in the Archipelago, compared to 5.1% nationally. Chamber President Santiago Sesé warns that this situation reduces the competitiveness of the Canarian economy.
Despite a monthly decrease in fuel prices in June, the annual trend is concerning. Core inflation, which excludes volatile food and energy items, remains at 2.5% year-on-year in the Canary Islands, four tenths below the national average.
In light of this scenario, the Chamber of Commerce deems it crucial to maintain prudence and closely monitor energy market developments. The extension of fuel subsidies until September 30 has been positively received as a necessary measure to mitigate the impact of these external factors on the island economy, which is particularly dependent on transport and imports.
