• The underlying rate, which excludes the most volatile elements of the CPI, falls two tenths, to stand at 1%

The Consumer Price Index (CPI) increased in May 2017 by 1.9% year-on-year, seven tenths less than in April, according to figures published by the National Statistics Institute (INE), a rate coinciding with that advanced by the INE at the end of last month. In this evolution, the decrease in the prices of fuels and lubricants stands out, as well as the decrease in the prices of tourist packages, after the end of the Easter campaign. In month-on-month terms, the CPI was down 0.1% in May, compared to the 0.5% rise in the same month of 2016.

The prices of energy products increased 8.3% year-on-year in May, 3.7 points less than in April. This evolution is explained by the slowdown in the prices of fuels and lubricants, which went from 11.5% year-on-year in April to 4.9% in May. On the other hand, gas prices accelerated 1.7 points, to 8.3%, and the annual rate of electricity prices remained unchanged at 16.2%.

Food prices grew 1.2% in May, as in April. Inflation of unprocessed food stood at 2.8%, six tenths below that of the previous month, highlighting the evolution of the prices of fresh vegetables (3.8 points, down to 3, 3%) and, to a lesser extent, of fresh fruits (they went from 5% in April to 3.2% in May). The prices of processed food, beverages and tobacco increased 0.4% in May, two tenths more than in April, highlighting the behavior of oils and fats, which went from growing 0.5% in April to 2.3% in May.

Core inflation (which excludes unprocessed food and energy, which are the most volatile elements of the CPI) fell two tenths in May, to 1%, due to the slowdown in service prices and, to a lesser extent. , of non-energy industrial goods (BINE), partially offset by the higher growth rate of processed food prices. Services slowed down four tenths, to 1.7%, as a consequence of the evolution of tourist packages, whose prices went from growing from 20.9% in April to 7.9% in May. This behavior has been influenced by the calendar effect of Easter, which in 2017 was celebrated in April, while in 2016 it was celebrated in March. For their part, BINE prices slowed two tenths, down to 0.1%, highlighting the behavior of clothing and footwear prices, which went from growing 0.3% in April to 0.1% in May .

In month-on-month terms, the CPI registered a variation rate of -0.1% in May 2017, compared to the 0.5% growth registered in the same month of 2016. By component, the prices of energy products fell by a 1.1%, after the 2.3% increase a year earlier; those of services decreased 0.4%, after an increase of 0.1% in May 2016; those of the BINE grew 0.7%, one tenth less than in May of the previous year; and those of food increased 0.3%, identical variation to that of May 2016.

Within the food group, the prices of unprocessed food registered a month-on-month rate of 0.3% in May 2017 (0.8% in the same month of 2016), as did those of processed food (zero variation). a year before).

The annual rate of the CPI decreased in May in all the autonomous communities. The greatest decrease with respect to the April rate was registered in the Principality of Asturias (one point, up to 1.6%), and the smallest, both of three tenths, corresponded to the Canary Islands (2% in May) and Extremadura (1 , 7%).

The annual rate of the CPI for constant taxes stood at 1.9% in May, as did the general CPI.

The INE has also published the harmonized CPI (IPCA) for the month of May 2017, whose interannual variation rate stands at 2%, six tenths lower than that of April. For its part, the rate advanced by Eurostat for the euro area as a whole stood at 1.4% in May, half a point lower than the previous month, resulting in an inflation differential for Spain with respect to the euro area of ​​0 , 6 points, one tenth lower than in April.

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