• The underlying rate, which excludes the most volatile elements of the CPI, stands at 1.1%

The Consumer Price Index (CPI) increased in May 2018 by 2.1% year-on-year, according to figures published by the National Statistics Institute (INE), a rate one tenth higher than that advanced by the INE and one point a that registered in April (1.1%). This evolution is mainly explained by the acceleration of energy prices and, to a lesser extent, of services and food, while inflation of non-energy industrial goods remained stable. In month-on-month terms, the CPI registered an increase of 0.9% in May 2018, compared to the 0.1% fall in the same month of 2017.

The prices of energy products increased by 7.8% year-on-year in May, five and a half points more than in April, mainly due to the acceleration in the prices of fuels and lubricants, which intensified the rate of progress 7, 1 points, up to 11%, and, to a lesser extent, to the 4.8% rise in electricity prices, after the 0.8% fall in April. For their part, gas prices decreased 0.4%, after rising 0.9% the previous month.

Food inflation stood at 2% in May, a rate four tenths higher than the previous month. Prices of unprocessed food increased 3.5%, a point and a half more than in the previous month, largely due to the increase in the prices of fresh vegetables (2.9%, after the drop of 3.9% the previous month), as well as the acceleration of the prices of fresh fruits (3.2 points, up to 6.9%). The prices of processed food, beverages and tobacco slowed one tenth, to 1.3% year-on-year, highlighting in this evolution olive oil, whose prices went from growing from 6% in April to 1.1% in May.

Core inflation (which excludes unprocessed food and energy products, the most volatile elements of the CPI) increased three tenths in May, to 1.1%, mainly due to services, whose prices accelerated seven tenths, to 1 , 8%. The tourism and hospitality component has contributed mainly to this acceleration and, in particular, the tourist packages, whose prices have risen 5.4% year-on-year in May, after falling 6.7% in April, an evolution that is explained in part, due to the disappearance of the Easter effect, which this year was held in March, while last year it was held in April. For their part, the prices of non-energy industrial goods (BINE) remained stable.

In month-on-month terms, the CPI registered a variation rate of 0.9% in May 2018, compared to a 0.1% decrease in the same month of 2017, with all components increasing: 4.2% for energy ( -1.1% in May 2017); 0.7% BINE, as in the same month of the previous year; 0.6% food (0.3% a year earlier); and 0.3% for services (-0.4% in May of last year). Within the food group, the prices of unprocessed food increased 1.8% month-on-month (0.3% in the same period of the previous year) and those of processed foods increased 0.1% (0.3% the year). preceding).

The interannual rate of the CPI increased in May in all the autonomous communities, highlighting Asturias, where it rebounded 1.3 points, up to 2%, and Navarra and Castilla-La Mancha, where it did 1.2 points, up to 2.1 % and 2.4%, respectively.

The annual rate of the CPI for constant taxes stood at 2.1% in May, the same as that registered by the general CPI.

The INE has also published the harmonized CPI (IPCA) corresponding to the month of May, whose interannual rate stands at 2.1%, one point higher than that of April. For its part, the rate advanced by Eurostat for the euro area as a whole in May is 1.9%.



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