According to the most recent data from Spain's National Institute of Statistics (INE), consumer price inflation rose slightly in April, a trend that was initially predicted. Inflation climbed to 3.3 percent from 3.2 percent in the previous month, a statistic that aligns with the preliminary data released on April 29.
The surge in inflation is primarily attributable to the escalating cost of gas and food, as highlighted by the INE. There was a significant increase in housing costs, which rose by 4.0 percent year-on-year in April, as opposed to a moderate 1.5 percent increase in the previous month. This surge is mainly attributed to the rising cost of gas. Concurrently, the annual price growth for food and non-alcoholic beverages increased to 4.7 percent from 4.3 percent.
As estimated earlier, the inflation harmonised across the European Union (EU) also showed an increase in April to 3.4 percent from 3.3 percent in the preceding month. Nevertheless, the underlying consumer price inflation softened slightly, dropping to 2.9 percent from 3.3 percent.
On a monthly perspective, the consumer price index rose by 0.7 percent in April, compared to a 0.8 percent increase in March. The Harmonised Index of Consumer Prices (HICP) displayed a rise of 0.6 percent. These numbers align perfectly with the original estimates provided.
