The CPI drops nine tenths in May, to 3.2% and food moderates the increase in its prices to 12%

Core inflation decreases five tenths, to 6.1%

MADRID, 13 Jun. (EUROPA PRESS) -

The Consumer Price Index (CPI) did not change in May in relation to the previous month, but it cut its interannual rate by nine tenths, to 3.2%, its lowest level since July 2021, due to lower fuel prices and of food, which moderated the growth of their prices nine tenths, up to 12%.

With the setback in May, inflation resumed its declines after the eight-tenth rise that it registered in April and which placed it at 4.1%, according to the final data published this Tuesday by the National Institute of Statistics (INE), which they coincide for the most part with those advanced at the end of last month.

Statistics have attributed the moderation of inflation in May to the lower cost of fuel and the lower cost of foods such as milk, cheese, eggs, fish and shellfish. Bread and cereals, for their part, kept their prices stable, in contrast to the rebound they experienced in May 2022.

"Food inflation has continued to drop by almost one point in May thanks to the drop in the prices of basic products such as milk, cheese, eggs or fish," highlighted the Ministry of Economic Affairs in its assessment of the data.

For its part, the transport group reduced its interannual rate by more than four points in May, to -3.7%, due to the drop in fuel prices for personal vehicles, while the clothing and footwear group cut its annual rate three tenths, up to 1.9%, as a result of the fact that all its components raised their prices less than in May 2022.

In contrast, housing increased its interannual rate three tenths in May, up to -10.5%, due to the fact that electricity prices fell less sharply than they did a year earlier.

According to Statistics, underlying inflation (excluding unprocessed food and energy products) fell five tenths in May, to 6.1%, standing 2.9 points above the general CPI and at its lowest level since July 2022.

The Ministry of Economic Affairs has attributed the moderation of subjacent inflation "to the moderation of food, fuel and electricity."

The Department headed by Nadia Calviño has stressed that Spain remains among the countries with the lowest inflation in the European Union, "which improves the competitiveness of companies and the Spanish economy and confirms the effectiveness of the measures approved by the Government". as highlighted by Economy.

In monthly terms (May over April), the CPI did not change after three consecutive months of monthly price increases.

(((WILL BE EXTENSION)))