The estimated CPI in July 2016 annual inflation is -0.6 % , according to the leading indicator compiled by the INE . This indicator provides a preview of CPI , if confirmed , would be a increase of two tenths in the annual rate , since in June this change was -0.8 %. This increase is explained mainly by rising food prices and soft drinks , compared to the drop experienced in 2015 . Meanwhile , the annual change in the HICP flash is in July at the -0.6 %. If this information is confirmed, the annual rate of HICP increase three tenths compared to last month.