The CPI climbs in May to 8.7% due to the increase in gasoline and food prices

Core inflation climbs to 4.9%, its highest level since October 1995

MADRID, 30 May. (EUROPA PRESS) -

The Consumer Price Index (CPI) rose 0.8% in May in relation to the previous month and increased its interannual rate four tenths, up to 8.7%, due to the rise in gasoline and food prices, according to the advanced data published this Monday by the National Institute of Statistics (INE).

In this way, inflation resumes its rises in May this month after it moderated in April by 1.5 points of blow, reaching 8.3%. The May data, which must be confirmed by Statistics in the middle of next month, is 1.1 points below the March peak, when the CPI reached 9.8%, its highest rate in almost 37 years .

According to the INE, the rise in the year-on-year CPI to 8.7% in May is mainly due to increases in the prices of fuels and food and non-alcoholic beverages, greater than those experienced in May 2021. On the other hand, Statistics indicates that electricity prices fell, compared to the rebound registered in the same month last year.

Last week, the average price of gasoline in Spain reached a new all-time high, standing at 1.94 euros per liter, reaching unprecedented figures for the second consecutive week, while diesel, despite falling 1.06%, up to 1,867 euros per liter, it continued to mark a higher price than the average for the European Union (1,856 euros per liter).

However, the prices paid by consumers at the pump do not reach this record due to the mandatory discount of 20 cents approved by the Government, whose application has been in force since April 1. Despite this, the unstoppable rise in fuel prices in recent weeks has 'eaten' much of that aid.

Specifically, the average price of a liter of gasoline chained its fifth consecutive rise last week after Easter and stood at an all-time high of 1.94 euros, after a rise of 2.27%, according to data from the Petroleum Bulletin of the European Union (EU).

Extending the bonus of at least 20 cents per liter approved by the Government, the average price of gasoline last week was 1.74 euros per liter, although it must be taken into account that, depending on the oil company, the discounts may be higher .

Compared to a year ago, the average price of a liter of gasoline has increased by 43.7%, while in the case of diesel it is 54.3% more expensive, although without taking into account the discount currently in force.

The INE incorporates in the CPI data preview an estimate of subjacent inflation (without unprocessed food or energy products), which increased half a point in May, to 4.9%, its highest value since October 1995. In this way, the underlying is almost four points below the rate of the general CPI.

In monthly rate, the CPI registered in May a rebound of 0.8% compared to April, in contrast to the drop of 0.2% experienced the previous month.

In the fifth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 8.5%, two tenths more than in April.

For its part, the advance indicator of the IPCA increased by 0.7% in the monthly rate.

The INE will publish the final CPI data for May on June 10.