CPI takes a break and eases to 3.2%, but core rate remains above 6%
Prices decreased by 0.1% in May compared to the previous month and allowed for a decline a decrease in the annual rate of the consumer price index from 4.1% to 3.2%, The lowest rate of price increase since July 2021. However, the core rate, which reveals the development of the most stable part of the stock of goods and services consumed by Spaniards, has stabilized above 6% (6.1%), according to advanced data published this. Tuesday by the National Statistical Institute (INE).
According to the note issued by the statistic, the price behavior in May was explained, on the one hand, by the slight downward trend in fuel prices, in contrast to the sharp increase seen a year earlier, and on the other hand, by the fact that food prices also rose less than in May last year, Although they continued to rise.
The National Statistical Institute acknowledges that this effect had less of an impact on the development of the data for May, which seems to indicate that shopping basket cost is still a source of pressure on local economies. Data on the development of food prices in May will not be known until mid-June.
And from the Presidency for Economic Affairs, they were quick to link the moderation of prices to the measures taken with the government. In a statement released this Tuesday, Senior Vice President Nadia Calvino He stressed that the data released on Tuesday placed Spain “as one of the countries with the lowest inflation in the European Union” after it had been the country with the highest inflation for months.
In the vice-president’s opinion, the price evolution presented by the National Statistical Institute on Wednesday demonstrates the effectiveness of the measures put in place by the government, some of which, by the way, expire on June 30 and the executive must decide whether to maintain. Or not in the middle of campaigning for the July 23 general election.
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