CdM | The Consumer Price Index (CPI) rose by 0.3% in May compared to the previous month and raised its year-on-year rate by three tenths to 3.6%, thus registering its highest level since April 2023, according to data released on Thursday by the National Statistics Institute (INE).
Annual CPI rate
The agency explained that the rise in the CPI to 3.6% is due to the increase in electricity prices, following the rise in VAT on electricity, and the fact that fuel prices fell less in May this year than they did in the same month in 2023.
With the rise in the year-on-year CPI in the fifth month of the year, inflation has now risen for three consecutive months, following increases of four tenths and one tenth of a percentage point in March and April, respectively.
The rise in May, which has yet to be confirmed by the Institute, places inflation at its highest level since April 2023, when the CPI exceeded 4%.
