The CPI has risen in this month of April 3.3 % in annual terms, with an increase of one tenth in relation to the month of March. In April a year ago, prices rose 4.1%. In monthly terms, the cost of living has increased by 0.7% in reference to March, compared to eight tenths of that month conditioned by Holy Week, according to data published this Monday by the National Institute of Statistics (INE).
This evolution is mainly due to the increase in gas prices – increase in VAT from 10% to 21% -, compared to the decrease in April 2023, and the increase in food prices, greater than that of the last year. Also, although to a lesser extent, electricity, whose prices are falling, but less than in the same month of the previous year. This April, electricity has a VAT of 21%, and a year ago, 5%. On the contrary, the drop in leisure and culture prices stands out, which rose in April 2023.
If confirmed on May 14, underlying inflation, that is, once the most volatile elements of the shopping basket (unprocessed foods and energy products) have been eliminated, will have moderated four tenths, to 2.9%, standing below the general index for the first time in almost two years. Core inflation has been declining for nine consecutive months, since July 2023, when the rate was 6.2%, while general inflation does not show a clear trend, although it does seem to maintain growth of around 3%. .
From the Ministry of Economy have pointed out that the inflation data continues to reflect the capacity of the Spanish economy to make the highest economic growth among the main countries in the euro zone compatible with a moderation in prices and the maintenance of support for the most vulnerable, reports Efe. “The gradual moderation of inflation translates into the improvement of the purchasing power of families and the competitiveness of Spanish companies,” they added from the Department headed by Carlos Body.
As for the harmonized data For comparison with Europe, the annual variation rate of the IPCA was 3.4%, one tenth above that registered the previous month, while the monthly variation was 0.6%.
