The Consumer Price Index (CPI) stood at an annual rate in June at 3.2%, three tenths less than in the previous month, due mainly to the price behavior of snuff and food and soft drinks as the leading indicator on the evolution of prices in Spain published Thursday by the National Statistics Institute (INE).Thus, the annual CPI rate back in June for the second consecutive month in April after reaching 3.8%, its highest level since September 2008, the month in which stood at 4.5%. Meanwhile, the Consumer Price Index (HICP), which measures inflation evenly with the rest of Europe, reached last June to 3%, four points less than in May.The increase in crude oil prices rose earlier this year, up 3.3% in January and 3.6% in February and March to reach 3.8% in April and start in May (3.5% ) the path of descent, after eight consecutive months upwards. The INE has pointed out that the leading indicators only provide orientation information, so that need not coincide with the final data will be published on 13 July.To curb these upward pressures stemming from energy prices, a phenomenon that has occurred throughout Europe, the European Central Bank raised interest rates last April for the first time in three years. Is expected to increase them again next week in another quarter point to 1.5%, as today reiterated its president, Jean-Claude Trichet. In view of the central bank is put inflation at around the official target of 2%.We think the position of the monetary policy remains accommodative and that the continuing upside risks to price stability. So we are in a state of high vigilance and willing to act decisively and in time to prevent the recent price trends cause broad inflationary pressures in the medium term.