Preliminary data provided by the National Statistics Institute (INE) showed that in May consumer price growth accelerated to 3.6% per annum from 3.3% per annum in April. This was the strongest growth since April 2023. Economists had expected CPI growth of 3.7% per annum. This evolution is mainly due to the rise in electricity prices, compared with the decrease in May 2023. Also to fuel prices, whose prices decline less than in the same month of the previous year.
Core CPI - excluding energy and fresh food - rose by 3.0% per year after an increase of 2.9% per year in April (the weakest increase since January 2022). Price growth accelerated for the first time since July 2023.
On a monthly basis, the CPI increased by 0.3%, slowing compared to April (+0.7%). Economists also expected a 0.3% increase.
The data also showed that in May, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - increased by 0.2% compared to April and by 3.8% per annum. In April, HICP increased by 0.6% on a monthly basis and by 3.4% per annum.