Preliminary data provided by the National Statistics Institute (INE) showed that in April consumer price growth accelerated to 3.3% per annum from 3.2% per annum in March. Economists had expected CPI growth of 3.4% per annum. This evolution is mainly due to the rise in gas prices, compared with the decrease in April 2023, and to the increase in food prices, which is higher than last year. Also, although to a lesser extent, electricity prices decreased, but less than in the same month of the previous year. On the other hand, the fall in entertainment and culture prices, which increased in April 2023, is noteworthy.
Core CPI - excluding energy and fresh food - rose by 2.9% per year after an increase of 3.3% per year in March. The April increase was the weakest since January 2022
On a monthly basis, the CPI increased by 0.7%, slowing compared to March (+0.8%). Economists had expected a 0.5% increase.
The data also showed that in April, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - increased by 0.6% compared to March and by 3.4% per annum. In March, HICP increased by 1.4% on a monthly basis and by 3.3% per annum. Spain's inflation was one of the lowest in the eurozone, although still exceeding the ECB's 2% target.