• Core inflation stands at 0.9% due to the rebound in tourist prices for Easter May 14, 2019.

The interannual rate of the general Consumer Price Index (CPI) stood at 1.5% in April 2019, as the INE advanced at the end of last month. The increase of two tenths was due to the rise in the prices of services, influenced by the calendar of Holy Week.

The prices of energy products reduced their rate of increase in April by two tenths, to 5.4%, due to the slowdown in gas prices, which practically stabilized, 0.2% year-on-year, and, to a lesser extent, of fuels and lubricants, which increased by 6.4%.

The prices of unprocessed food increased 1.8% year-on-year, with the drop in fresh fruit prices, -1.9%, while the prices of fresh vegetables accelerated to 10.6%.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products) increased two tenths in April, to 0.9%, mainly due to the prices of services, which increased by 1.7% and, in particular, of the tourist packages, which rose by 3.4%, influenced by the celebration entirely in April of Holy Week, unlike last year that began in March. The inflation of the rest of the components of the CPI remained relatively stable, moderating slightly the processed food to 0.3% and remaining at 0.2% of non-energy industrial goods.

In April, the interannual rate of the CPI increased in all autonomous communities except Galicia, where it remained at 1.4%. The highest increases, of four tenths, occurred in Navarra (2.1%), La Rioja (1.7%) and Aragón (1.6%).

The interannual rate of the CPI at constant taxes stood at 1.5% in April, as did the general CPI.

The INE has also published the harmonized CPI (IPCA) corresponding to the month of April, whose interannual rate increases three tenths, up to 1.6%. The inflation advanced by Eurostat for the whole of the euro zone is 1.7% in this period, resulting in a favorable differential for Spain of 0.1 percentage points.

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