The National Institute of Statistics (INE), which confirms today the CPI data advanced on May 30, leaves year-on-year inflation at its lowest since July 2021, due to the lower price of fuel and food and non-alcoholic beverages compared to the increases experienced in April of last year.
Of the nine tenths of decrease in the general inflation rate, six tenths have been the result of the 3.7% fall in the transport group due to the decrease in fuel, and two tenths have been caused by the food group, whose rise moderated to 12% year-on-year, almost one point less than the previous month.
The general indicator of consumer prices moderated almost one point compared to the interannual data for April, when the CPI rose to 4.1%, with the rise in food prices by 12.9% in what was the first first relative moderation of relief in the price of the shopping basket, which was at levels of 16%.
Food inflation has slowed down compared to the level of a year ago thanks to the drop in the price of basic products such as milk, cheese and eggs, as well as fish and shellfish, and the price of bread has stabilized and cereals with respect to the escalation experienced last year at this time.
The annual rate of subjacent inflation, which does not take into account the evolution of the most volatile price of energy and unprocessed food, decreased five tenths, to 6.1%, 2.9 points above the general CPI and in minimums since July 2022 as a result of the moderation of food, fuel and electricity.
Compared to last month, prices do not vary with the month-on-month CPI rate at 0.0%, thus stabilizing with respect to the three previous consecutive increases.
The Harmonized Consumer Price Index (IPCA), for its part, which is used to compile international statistics and is added to the Eurostat comparison, places its annual rate at 2.9%, nine tenths less than the previous month, also confirming the advance data.
The transport group reduced its interannual rate by more than four points in May, to -3.7%, due to the drop in fuel prices for personal vehicles, while the clothing and footwear group cut its annual rate by three tenths , up to 1.9% since only the increases have been less than in May 2022, details the INE.
In contrast, the housing group (expenses associated with housing, not the price of housing itself, whose main component is the electricity bill) rose three tenths in May, to -10.5%, due to that electricity prices fell less sharply than they did a year earlier.
