The Consumer Price Index (CPI) increased in April 2017 by 2.6% year-on-year, three tenths more than in March, 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. Particularly noteworthy in this behavior is the rise in the prices of tourist services, affected by the date of the celebration of Easter, which this year has passed in April, unlike last year, when it took place entirely in March. Therefore, it is a temporary rise. In month-on-month terms, the CPI grew 1% in April, compared to the 0.7% rise in the same month in 2016.
The prices of energy products increased 12% year-on-year in April, three tenths more than in March. This evolution is explained by the higher growth rate of electricity prices (they went from 12.5% year-on-year in March to 16.2% in April) and, to a lesser extent, of gas (they accelerated more than five points, to 6.6%), partially offset by the slowdown in fuel and lubricant prices, from 1.3 points to 11.5%.
Food prices grew 1.2% in April, two tenths less than in March. Inflation of unprocessed food stood at 3.4%, nine tenths below that of the previous month, as a consequence of the evolution of prices of fresh fruits (they slowed 5.3 points, to 5% ). The prices of processed food, beverages and tobacco increased 0.2% in April, one tenth more than in March, highlighting the behavior of oils and fats, which went from falling 0.7% in March to growing 0, 5% in April.
Core inflation (which excludes unprocessed food and energy, which are the most volatile elements of the CPI) increased three tenths in April, to 1.2%, due to the notable acceleration in the prices of services and, in lesser extent, of processed food, partially offset by the lower growth rate of the prices of non-energy industrial goods (BINE). Services accelerated one point, to 2.1%, especially highlighting the evolution of tourist packages, whose prices went from practical stability in March (0.1%) to 20.9% in April. This behavior is due to 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 three tenths, to 0.3%, highlighting the behavior of clothing and footwear prices, which went from growing 0.8% in March to 0.3% in April.
In month-on-month terms, the CPI registered a variation rate of 1% in April 2017, compared to the growth of 0.7% registered in the same month of 2016. By component, the prices of energy products rose 0.5 %, after the 0.2% increase a year earlier; those of services grew by 0.8%, after the decrease of 0.2% in April 2016; those of the BINE grew by 2.5%, three tenths less than in April of the previous year; and those of food fell 0.1%, compared to growth of the same magnitude in April 2016.
Within the food group, the prices of unprocessed food registered an inter-monthly rate of -0.4% in April 2017 (0.5% in the same month of 2016), while those of processed foods rose by 0 , 1% (null variation one year before).
The annual rate of the CPI increased in April in all the autonomous communities. The highest increase with respect to the March rate was registered in the Community of Madrid (six tenths, up to 2.5%), and the smallest, all of them one tenth, corresponded to Extremadura (2%), Cantabria (2, 6%), Castilla-La Mancha (2.7%) and Galicia (2.8%).
The annual rate of the CPI for constant taxes stood at 2.6% in April, as did the general CPI.
The INE has also published the harmonized CPI (IPCA) corresponding to the month of April 2017, whose interannual variation rate stands at 2.6%, half a point higher than that of March. For its part, the rate advanced by Eurostat for the euro area as a whole stood at 1.9% in April, four tenths above that of the previous month, resulting in an inflation differential for Spain with respect to the euro area of 0.7 points, one tenth higher than in March.
