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Inflation rises to 3.3% in April and core inflation moderates to 2.9%

The estimated annual inflation of the CPI in April 2024 is 3.

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Inflation rises to 3.3% in April and core inflation moderates to 2.9%

The estimated annual inflation of the CPI in April 2024 is 3.3%, according to the advanced indicator of the Consumer Price Index (CPI) published today by the National Institute of Statistics (INE) will not be confirmed until the next 14 of May.

The CPI advance, if confirmed, would mean a year-on-year increase of one tenth after inflation rose to 3.2% year-on-year in March due to the rise in the electricity and fuel bill, especially gasoline for vehicles. automotive.

The INE attributes this increase, mainly, to the greater increase in gas prices, compared to the decrease in April 2023, and to the increase in food prices, greater than last year. Also, although to a lesser extent, electricity, whose prices fell, but less than in the same month of the previous year.

Core inflation, which does not take into account the more volatile evolution of unprocessed food or energy products in the statistics, fell four tenths of a point to 2.9%. Core inflation has been declining for nine consecutive months, since July 2023, when the rate was 6.2%, while general inflation does not show a clear trend, although it does seem to maintain growth of around 3%. .

Last month, inflation rose four tenths due to the increase in fuel and electricity prices, reaching 3.2% from the minimum of a year and a half at which it remained in February (2.8%) and was once again above 3%, a percentage that has been fluctuating since September 2023 and is expected to remain throughout the year.

In monthly terms, consumer prices rose 0.7% during April, below the increase in March, when with 0.8% they marked the largest increase since February of last year.

Regarding the harmonized data for comparison with Europe, the annual variation rate of the HICP was 3.4%, one tenth above that registered the previous month, while the monthly variation was 0.6%.

The Ministry of Economy points out that the inflation data continues to reflect the capacity of the Spanish economy to make the highest economic growth among the main countries in the euro zone compatible with a moderation in prices and the maintenance of support for the most vulnerable.

"The gradual moderation of inflation translates into the improvement of the purchasing power of families and the competitiveness of Spanish companies," they added from the Department headed by Carlos Body.

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