CPI falls to 3.2% in May, 9/10 of a percentage point lower than previous month; core down to 6.1%

españa inflacion alimentos

The annual rate of the general Consumer Price Index (CPI) in the month of May is 3.2%. This rate is nine tenths of a percentage point lower than that registered the previous month.

The groups that stand out due to their influence on the decrease in the annual rate are:

  • Transport, which places its rate at -3.7%, more than four points lower than last month. This decrease is due to the fall in the price of fuel and lubricants for personal vehicles, compared with the increase in May last year.
  • Food and non-alcoholic beverages, with a rate of 12.0%, almost one point below that of the previous month. This behaviour is influenced by the fall in the prices of milk, cheese and eggs. The prices of fish and seafood also fall, the effect of which is accentuated because they increased in May 2022. The stability of bread and cereals also has a negative influence because they increased last year.

It is worth noting, although in the opposite direction, the fall in the prices of pulses and vegetables, which is lower than in May of the previous year.

  • Clothing and footwear, with a rate of 1.9%, three tenths of a percentage point lower than in the previous month. This evolution is due to the fact that the prices of all its components increased less this month than in May 2022.

Among the groups with a positive influence, the following stand out:

  • Housing, which increases its variation by three tenths, to -10.5%. This behaviour is due to the fact that electricity prices decreased less sharply than last year.

The annual rate of change of core inflation (general index without unprocessed food and energy products) fell by five tenths of a point to 6.1%, bringing its difference with the general CPI to almost three points.

Annual rate of CPI
Overall and core index. Percentage

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.