Bankinter | The final CPI for April confirms 2.2% year-on-year, one tenth below the previous month. The underlying rate confirms the rise to 2.4% year-on-year from 2.0% previously. In month-on-month terms, the general rate rose 0.6% (versus 0.1% previously) and the underlying rate rose 1.0% (versus 0.4% previously).
Analysis team opinion: Moderate fuel and electricity prices contributed to the moderation of the overall CPI in April. However, the core rate rose slightly more than estimated before its preliminary announcement, as Easter fell entirely in April this year, compared to March last year, which weighed on the monthly evolution of prices linked to leisure. Our estimates point to a level of around 2.3% year-on-year at the end of 2025 and 2026.
