The CPI rises again in May, up to 8.7%, due to the rise in fuel and food prices

After the slight respite in April, prices rose again in May in a scenario in which inflation is no longer temporary but becomes structural.

The CPI rises again in May, up to 8.7%, due to the rise in fuel and food prices

After the slight respite in April, prices rose again in May in a scenario in which inflation is no longer temporary but becomes structural. The Consumer Price Index (CPI) rose four tenths in May, to 8.7%, due to the rise in fuel and food prices, according to advanced data published this Monday by the INE.

Statistics also highlights, although in the opposite direction, the decrease in electricity prices, compared to the rise registered last year.

Inflation increased again in this month of May after falling 1.5 points in April, to stand at 8.3%, and two months after almost reaching double digits in April, when it stood at 9.8%.

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 .

The skyrocketing prices are entrenched in the Spanish economy and the idea that inflation is a passing phenomenon is diluted like a sugar cube. Proof of this is that the estimated annual variation rate of core inflation -general index without unprocessed food or energy products- soared five tenths, to 4.9%. This figure was the highest since October 1995.

The CEOE already showed its concern about the underlying inflation data for April 15 days ago: “The upward evolution that this component has been registering is worrying,” the employer said in a statement. The basic shopping basket soars for families: in April, the prices of food and beverages registered a double-digit increase due to the rise in the prices of oil, pasta, flour or eggs, among others

In monthly rate, the CPI registered a rebound of 0.8% compared to April, in contrast to the 0.2% cut that marked 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 release the final CPI data for May on June 10.

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