Energy drove inflation in July. The headline rate rose by 0.4 pp, to 3.6% YoY, and the core rate by 0.1 pp, to 3.0%, both in line with expectations. For August, headline inflation is estimated to rebound to a range of 4.1% to 4.3%, with energy as the main upward pressure.

Social Security affiliation increased by 41,700 people and unemployment by 19,500. Seasonally adjusted, an increase of 72,000 contributors and a rise of 14,500 unemployed are estimated. The extraordinary regularization of immigrants may have added 149,200 foreign affiliates and 44,500 unemployed up to July.