Core inflation climbs to 4.9%, its highest level since October 1995
MADRID, 10 Jun. (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 higher price of gasoline, restaurants and foods.
The latter marked their largest increase since January 1994, with a year-on-year rise of 11%, according to data published this Friday by the National Institute of Statistics (INE), which confirms those advanced at the end of last month.
In this way, inflation resumes its increases in May this month after it moderated in April by 1.5 points of blow, reaching 8.3%. The data for May is 1.1 points below the peak in March, 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 fuel and restaurant prices, higher in May this year than in the same month in 2021, and to the rise in food prices, among which bread and cereals, cheese and eggs and meat stand out. In the opposite direction, the prices of legumes and vegetables fell.
Specifically, the rise in fuel prices led the transport group’s interannual rate to 14.9%, more than two points above that registered in April, while restaurant prices caused the group to of hotels, cafes and restaurants raised its interannual rate in May to 6.3%, five tenths more than in April. In the case of food, the interannual rate climbed nine tenths, up to 11%, the highest in 26 years.
In contrast, in May the prices of tourist packages and electricity fell and, to a lesser extent, heating oil.
Without taking into account the reduction of the special tax on electricity and the variations on other taxes, the interannual CPI reached 9.6% in May, nine tenths above the general rate of 8.7%. This is reflected in the CPI at constant taxes that the INE also publishes within the framework of this statistic.
In the last year, heating, lighting and water distribution have become more expensive by 32.1%; oils and fats have raised their prices by 44.7%; eggs are 25.3% more expensive; and personal transport costs 15.3% more due to the higher cost of fuel. In addition, many foods recorded double-digit increases in their prices, such as milk (16.5%) and cereals (16.3%).
Core inflation (excluding unprocessed food and energy products) increased by half a point in May, to 4.9%, its highest value since October 1995.
In monthly rate, the CPI registered an increase of 0.8% in May compared to April, its biggest rise in a month of May since 2018.
