- Inflation remained at 3.2% in May, the same rate as in April, in a month in which transport and leisure drove prices upward, although this increase was offset by cheaper clothing and footwear
The National Statistics Institute (INE) published this Friday the flash data for the consumer price index (CPI), in a context of high volatility in energy prices due to the war in Iran and with the Government’s fiscal measures still in force.
In terms of inflation behavior, the upward influence of transport and recreational activities, sports, and culture stands out, as their prices fell less than in May 2025, while clothing and footwear exerted a downward influence, with prices decreasing compared to the rise seen in May last year.
The INE notes that the prices of food and non-alcoholic beverages remained stable in May, compared to the price increases in the same month of the previous year.
The Ministry of Economy, Commerce, and Business highlights that the stability of inflation “confirms that the Government’s response plan is fulfilling its main objective,” which is to “cushion the impact of the external shock on inflation and the purchasing power of households.”
In a statement, it insists that Spain is “in a position of strength to face the volatility of energy markets” thanks to “the firm commitment to renewable energies and energy sovereignty,” which have managed to “keep electricity prices contained.”
In fact, following the drop in electricity bills, the gradual deactivation of the measures implemented by the Government on the Special Tax on Electricity and the VAT applicable to electricity, natural gas, briquettes, pellets, and firewood will begin on June 1.
The same sources clarify that the measures on the Tax on the Value of Electric Energy Production and fiscal measures on fuels (reduced rates of the Hydrocarbon Tax, 10% VAT on gasoline, diesel, and biofuels, and partial refund of professional diesel) will remain in force until June 30.
Regarding sector-specific measures, such as aid to farmers and carriers, and the enhanced discounts of the electricity social bonus (42.5% for vulnerable consumers and 57.5% for severely vulnerable ones), they will also remain in force.
CORE INFLATION RISES BY A TENTH OF A PERCENT, TO 2.9%
As for core inflation (which excludes the prices of unprocessed food and energy products, usually more volatile than the rest), the estimated annual variation rate increased by a tenth of a percentage point, to 2.9%.
In monthly terms, consumer prices rose by 0.1% compared to April, marking four consecutive months of positive monthly rates, as recalled by the INE.
Regarding the harmonized data for European comparison, the annual variation rate of the HICP was 3.6%, one tenth above that recorded the previous month, and the core HICP stood at 3.3%, while the estimated monthly variation is 0.1%.
All details of the evolution by components and the final inflation figure for May will be published on June 12.
THE PRICE OF FOOD, BEVERAGES, AND TOBACCO RISES BY 2.4% ANNUALLY
The price of food, beverages, and tobacco rose by 2.4% annually in May, after remaining unchanged in its monthly comparison.
In May, unprocessed food prices rose by 3.3% in their annual rate, after also remaining unchanged compared to the previous month.
On the other hand, prices for processed food, beverages, and tobacco recorded a more moderate rise of 2% in annual terms and 0% in monthly terms.
Source: EFE and INE