• Electricity prices fall 4.9% year-on-year
  • Core inflation is reduced by two tenths, up to 0.7%June 12, 2019.

The interannual rate of the general Consumer Price Index (CPI) fell seven tenths in May 2019, standing at 0.8%, as the INE advanced at the end of last month, mainly due to lower price growth of energy and, to a lesser extent, services and unprocessed food.

The prices of energy products reduced their interannual rate in May by more than four points to 1.3%, as a consequence of the fall in electricity prices, which registered a decrease of 4.9%, and the lower growth of the prices of fuels and lubricants, which stood at 3.4% year-on-year.

The prices of unprocessed food decelerated eight tenths, up to 1% year-on-year. The drop of 6% in fresh fruit prices and the lower increase in fresh vegetables to 4.8% stand out, three points less than in the previous month.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products) decreased two tenths in May, to 0.7% year-on-year. This reduction was largely due to the lower increase in the prices of services, whose interannual rate stood at 1.2%, compared to 1.7% in the previous month. This rate includes the evolution of tourist packages, whose prices fell by 4.4% in May. The other two components of core inflation, non-energy industrial goods and processed food, maintained a steady pace of year-on-year growth, at 0.2% and 0.3%, respectively.

In May, the interannual rate of the CPI decreased in all the autonomous communities. The greatest decrease occurs in Castilla-La Mancha (nine tenths, up to 0.7%), followed by a reduction of eight tenths in Aragón (0.8%), Navarre (1.3%) and Baleares (0, 4%).

The INE has also published the Harmonized CPI (IPCA), which allows the comparison of consumer prices at European level, corresponding to the month of May, whose interannual rate is seven tenths lower than that of April, up to 0.9%. The inflation advanced by Eurostat for the whole of the euro zone was 1.2% in that month, resulting in a favorable differential for Spain of 0.3 percentage points.

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