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June 19, 2014

The evolution of the consumer price index in Spain

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The evolution of the consumer price index in Spain

 Inflation in Spain fell by 0.2% in May this year. In Catalonia, the consumer price index (CPI) rose by one-tenth of last month, by raising the cost of clothing and footwear.

The annual inflation in May was 0.2%, two tenths below the level recorded in April (0.4%), which was made possible by the cheapening of some foods, such as beans, vegetables, potatoes and oil. Thus, the National Institute of Statistics (INE) confirmed on Friday the Consumer Price Index (CPI), which was previously announced on May 30.

Nevertheless, in Catalonia's the CPI rose by one-tenth in May compared with the previous month, mainly due to a slight increase in prices of clothing and footwear, and the annual inflation rate amounted to 0.5%, two tenths less. Catalonia, thus, is behind the Balearic Islands, the Spanish autonomy with the highest annual inflation at 0.6%, along with the Basque Country, a community with which it shares the second place with 0.5%, while on the opposite end is situated Extremadura province with -0.4%.

The most noticeable impact on the evolution of inflation index in Spain has food and soft drinks (which rate worsened to 0.8%), the value of leisure and cultural activities (worsened by 1.1%) and the price for hotels, cafes and restaurants (climbed up 0.5%).

Despite the decline in annualized transport prices registered an increase of 0.8%, due to the cost of fuel and lubricants, which were cheaper than a year earlier.

By regions of Spain, most consumer prices rose in the Balearic Islands (0.6%), Catalonia (0.5%), the Basque Country (0.5%), Galicia (0.4%), Castile-Leon (0.2%), Valencia (0.2%), Madrid (0.2%), Asturias (0.1%), Cantabria (0.1%) and La Rioja (0.1%). In the provinces of Aragon, Castile-La Mancha and Murcia price index remained unchanged, while prices fell in Navarre (-0.2%), in the Canary Islands (-0.3%) and Extremadura (-0, 4%). In the Autonomous City of Ceuta prices rose by 0.4%, and in Melilla, decreased by 0.2%.

 

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