Inflation in Spain accelerates 1/10 of a point in April to 3.3%, but core continues to moderate to 2.9%

economia espana

CdM | Inflation accelerated by one tenth of a percentage point in April, to 3.3%, mainly due to higher gas and food prices, according to the advance CPI data published on Monday by the National Statistics Institute (INE).

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If confirmed on 14 May, core inflation, i.e. once the most volatile items in the shopping basket (unprocessed food and energy products) are removed, will have moderated by 0.4 percentage points to 2.9%, placing it below the general index for the first time in almost two years. Core inflation has been falling for nine consecutive months, since July 2023, when the rate stood at 6.2%, while headline inflation is not showing a clear trend, although it does seem to be holding at growth of around 3%.

The increase of one tenth of a percentage point in the general index has been influenced by the rise in gas prices, which were falling a year ago, the higher rise in food prices and, to a lesser extent, the lower price of electricity.

On the other hand, the fall in leisure and culture prices, which rose in April 2023, is noteworthy. On a monthly basis, consumer prices rose by 0.7% in April, down on the rise in March, when, at 0.8%, they recorded their largest increase since February last year.

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