The inflation rate in Spain increased in May
Eviralnews, citing Euronews, according to the report of the National Institute of Statistics of Spain, which was published on Thursday, the annual inflation rate in this country reached 3.6 percent for May, which was in line with market expectations, but still, higher than the rate of 3.3 The percentage of April was announced.
According to this report, the increase in inflation was mostly due to housing prices, which reached 5.2% with an increase of 1.2%. A significant part of this figure was due to electricity prices, which decreased in May 2023, but increased in May this year.
Transportation inflation also reached 3.8% in this country and was strengthened by the increase in fuel prices; The price in May 2024 decreased less than May 2023.
The rates of hotels, cafes and restaurants also increased by 0.7 percent. Similarly, apparel and footwear inflation rose 2.3 percent in May this year, driven by stronger demand for new spring and summer collections.
However, the price of food and non-alcoholic beverages fell by 4.4 percent, mainly due to lower inflation in meat and fruits in May 2024 compared to May 2023. The price of all types of oil also decreased in May this year compared to the previous year.
Spain's core inflation was reported at 3 percent year-on-year, in line with market expectations, but higher than the 2.9 percent recorded in April.
On the other hand, month-on-month inflation in the country was announced at 0.3 percent in May, which also met analysts' expectations of a decline from 0.7 percent in April.
Although Spain's inflation rate rose in May, it could be a small blow as the country is expected to see strong growth in the next few months by the European Commission.
end of message
