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13.06.2024

Consumer inflation in Spain accelerated in May

Final data provided by the National Statistics Institute (INE) showed that in May consumer price growth accelerated to 3.6% per annum, as expected, from 3.3% per annum in April. This was the strongest growth since April 2023. Housing and utility prices rose by 5.2% after rising by 4% in April. Cost also accelerated for restaurants and hotels (5.2% vs. 4.8%), transportation (3.8% vs. 2.9%), recreation and culture (2.8% vs. 2.2%). Meanwhile, prices for food and non-alcoholic beverages rose by 4.4% after an increase by 4.7% in April. Prices for furniture and household appliances increased by 0.6%, slowing down compared to April (+0.8%). Inflation was steady for alcoholic beverages & tobacco (at 4.1%), clothing & footwear (at 0.8%) and education (at 2.9%).

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%).

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.

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