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 that coincides with that advanced by the INE at the end of last month. In this behavior, the rise in prices of tourist services, particularly affected by the date of the celebration of Holy Week, which this year has passed in April, unlike last year, when it took place entirely in March, stands out. Therefore, it is a temporary rise. In inter-monthly terms, the CPI has grown by 1% in April, compared to the 0.7% rise in the same month of 2016.
The prices of energy products increased in April by 12% year-on-year, three tenths more than in March. This evolution is explained by the higher growth rate of electricity prices (from 12.5% year-on-year in March to 16.2% in April) and, to a lesser extent, gas (accelerated by more than five points, up to 6.6%), partially offset by the slowdown in the prices of fuels and lubricants, 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 result of the evolution of fresh fruit prices (5.3 points slowed down 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, up to 1.2%, due to the marked acceleration of service prices and, in To a lesser extent, of processed food, partially offset by the slower growth in the prices of non-energy industrial goods (BINE). Services accelerated one point, up to 2.1%, especially highlighting the evolution of tourist packages, whose prices went from a practical stability in March (0.1%) to 20.9% in April. This behavior is due to the calendar effect of Holy Week, which in 2017 was held in April, while in 2016 it was held in March. On the other hand, BINE prices slowed down three tenths, up to 0.3%, highlighting the behavior of clothing and footwear prices, which increased from 0.8% in March to 0.3%. in April.
In inter-monthly terms, the CPI registered a variation rate of 1% in April 2017, compared to the 0.7% growth recorded in the same month of 2016. By components, the prices of energy products rose 0.5 %, after the 0.2% increase a year earlier; those of the services grew 0.8%, after the 0.2% decline in April 2016; those of the BINE grew 2.5%, three tenths less than in April of the previous year; and those of food decreased 0.1%, compared to the growth of the same magnitude in April 2016.
Within the food group, prices for unprocessed foods registered an inter-monthly rate of -0.4% in April 2017 (0.5% in the same month of 2016), while those for processed foods rose 0 , 1% (zero variation one year before).
The interannual rate of the CPI increased in April in all the autonomous communities. The highest increase with respect to the March rate was recorded in the Community of Madrid (six tenths, up to 2.5%), and the lowest, all of them of one tenth, corresponded to Extremadura (2%), Cantabria (2, 6%), Castilla-La Mancha (2.7%) and Galicia (2.8%).
The interannual rate of the CPI to constant taxes stood at 2.6% in April, as was the general CPI.
The INE has also published the harmonized CPI (IPCA) corresponding to the month of April 2017, whose year-on-year variation rate stands at 2.6%, half a point higher than that of March. On the other hand, the rate advanced by Eurostat for the whole of the euro zone stands 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 zone of 0.7 points, one tenth higher than March.
