This inflation In May, it fell by 9 tenths to 3.2%, nine-tenths below the rate in April (4.1%), and was at a 15-month low. Advanced data for May released this Tuesday National Institute of Statistics (INE) also expects the so-called core inflation, which excludes the more volatile prices of unprocessed food and energy, to be adjusted to 6.1% (from 6.6% in April). Data will not be final until the INE publishes final data on 13 June. Compared to April, the monthly inflation rate decreased by one tenth.
According to the memo published by INE, the main reason for the slowdown in inflation in May is fuels, increased in May of last year. It also affects price increases, albeit to a lesser extent. food and soft drinks were lower than in May 2022 (up 1.2% month-on-month).
In its leading indicator note, INE does not yet detail the change in prices for each component. We will have to wait until June 13 to find out this information. What INE is predicting today allows us to understand what the prices are. food It rose again in May compared to April, but less so than last year. In April, the annual change in food was 12.9%.
The INE also advanced its estimated annual rate of change this Tuesday. HICP The (harmonized CPI for the euro area) is below 3%, at exactly 2.9%, nine-tenths lower than the previous month. First Vice President Nadia KalvinoHe emphasized that the May data “positions our country as one of the countries with the lowest inflation in the European Union”. For the government, this difference confirms the effectiveness of the measures taken so far. Exactly, in the coming weeks, the Executive needs to decide whether to extend certain measures beyond 30 June, such as the VAT reduction for a wide range of fresh and processed foods that came into effect on 1 January.
Inflation peaked at 10.8% in July last year. In 2023, the peak was reached in February (6%).