Preliminary data provided by the National Statistics Institute (INE) showed that consumer price growth slowed to 2.2% per year in April from 2.3% per year in March. The latest reading was the lowest since October 2024. Economists had expected CPI growth of 2.0% per annum. The latest change was mainly due to lower gas prices compared to the increase in April 2024, as well as a drop in electricity prices. In addition, prices for fuels and lubricants for personal vehicles have fallen compared to the same month last year. On the other hand, prices for leisure and culture have increased significantly.
Core CPI - excluding energy and fresh food - rose by 2.4% per year (the highest value since January) after an increase of 2% per year in March. Consensus estimates suggested an increase of 1.9% per annum.
On a monthly basis, the CPI rose 0.6%, accelerating compared to March (+0.1%). Economists expected a 0.4% increase.
The data also showed that in April, the harmonized index of consumer prices (HICP) - an indicator that allows comparing inflation in Spain with inflation in European countries - increased by 0.6% compared to March and by 2.2% per year. Economists expected an increase of 0.5% and 2.0%, respectively. In March, HICP grew by 0.7% on a monthly basis and by 2.2% per year.