May 2024
Inflation in Spain rises to 3.6% in May, according to the INE
The annual CPI rate estimates an increase of three tenths compared to April, mainly due to the rise in electricity and the slowdown in the decline in fuel.
According to the leading indicator of the National Institute of Statistics (INE), inflation in Spain reached 3.6% in May 2024, three tenths above that registered the previous month. This provisional data, if confirmed, would mean a new rebound in the annual rate of the CPI, which had already experienced a slight increase in March and April.
The INE points to two main factors as responsible for this evolution:
- Electricity price rise: In contrast to the drop recorded in May 2023, this year electricity has experienced a rebound in its price, which has impacted the general index.
- Deceleration in the decrease in fuel: Although fuel prices continue their downward trend, the slowdown in this decline compared to the same month last year has also contributed to the increase in the annual rate of the CPI.
Core inflation and consumer prices
The estimated annual rate of change in core inflation (which excludes unprocessed food and energy products) has also experienced a slight increase, standing at 3.0%.
Regarding the monthly evolution of consumer prices, the leading CPI indicator registers an increase of 0.3% in May compared to April.
Harmonized Consumer Price Index (HICP)
The Harmonized Consumer Price Index (IPCA), which is used for comparisons between countries in the European Union, estimates an annual variation rate of 3.8% in May, four tenths above that registered the previous month. The estimated monthly variation of the IPCA is 0.2%.
For more information, consult the INE:
