In July 2016, the Consumer Prices Index (CPI) declined by 0.4% over a month, after an increase by 0.1% in June. Seasonally adjusted, it was stable in July after an upturn by 0.1% in June. Year-on-year, the CPI rose by 0.2%, as in the previous month.

This month-on-month drop was mainly due to summer sales, underlying the seasonal fall in prices of manufactured products. Besides, energy prices fell back because of petroleum products. Conversely, prices of some services related to tourism expanded seasonally. Finally, food prices were very slightly up.