The so-called “last mile” of the decline in inflation is being long and suffocating. The CPI (Consumer Price Index) rose by 3.6% in May, according to the INE this Wednesday. The general CPI (Consumer Price Index) has risen 3 tenths in the interannual rate, since April, due to the ‘step’ effect or base effect of prices on the electricity bill and at gas stations.

That is, due to the increase in the cost of electricity compared to its lower price in May 2023, on the one hand. And due to the smaller drop in fuel prices, on the other.

Core inflation, which excludes unprocessed food and energy from its calculation, remains stable and rises only one tenth, to 3% in May. Again, in the comparison with the same month of 2023. In this case, this structural CPI refuses to moderate further the increase in prices of services related to tourism (travel packages, air passenger transportation, accommodation services , etc.).

“The evolution of inflation in recent months has remained stable, which is allowing the purchasing power of families to improve, which have already recovered the pre-pandemic level, while maintaining the competitiveness of Spanish companies. . All of this in a context of growth in the Spanish economy, higher than the eurozone average,” the Ministry of Economy defends.

Food continues to be the biggest focus of concern. With data up to April (May CPI details will be known in mid-June), the pace of price increases in supermarkets and food stores has slowed to around a quarter from the peak of the 16th, 6% reached in February of last year, but it is still very high.

The moderation of food inflation is especially relevant for households with lower income because purchases in supermarkets or stores represent a higher percentage of total spending the less one earns. For this reason, the VAT reduction on basic foods remains in force, for now until June, along with discounts on public transport.


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