Consumer Price Index – May 2012

INEAccording to figures released by the National Institute of Statistics (INE) the annual change of the CPI for the month of May stands at 1.9%, two tenths below the change registered the previous month.

The report summarises the main results as follows:

  • The annual change of core inflation remains at 1.1%.
  • Monthly change of the overall index is –0.1%.
  • The Harmonised Index of Consumer Prices (HICP) annual change stands at 1.9%, one tenth lower than that registered in April.

Annual evolution of consumer prices

The annual change for the overall Consumer Price Index (CPI) in May was 1.9%, two tenths lower than that registered in April. This change was the same as the CPI flash estimate, published last 30 May.

The groups that most contributed negatively in this rate were:

Transport, with an annual change of 4.2%, six tenths lower than that registered in April and the lowest since December 2009. This variation was mainly due to the drop in prices of fuels and lubricants for personal transport equipment was higher this month than May 2011. In fact, this service decreased its annual rate almost two points, standing at 6.7%.

Although the decrease of the annual rate of the service, worth noting the increase in prices of other transport services, that increase its annual rate more than 10 points, up to 10.9%, the highest since January 2002. This variation was due to the increase in prices of combined tickets in May 2012, as compared with the stability previous year.

Food and non-alcoholic beverages, whose annual change decrease five tenths, stood at 1.8%. The activities that highlighted by its influence in this decrease were fresh vegetables, other milk-based products and poultry meat.

Besides the decreases of the annual change of the CPI, worth noting were the increases in the annual change of the following group:

Housing, that presented an annual change of 5.1%, four tenths higher than that registered in April. This variation was explained by the increase in prices of gas, as compared with the stability registered in May 2011.

Alcoholic beverages and tobacco, with an annual change of 6.2%, more than one point higher than the previous month. This change was due by the increase in prices of tobacco.

The annual change for core inflation (overall index excluding unprocessed food and energy products) remains at 1.1%, therefore its difference from the overall index change decreased, standing at eight tenths.

Monthly evolution of consumer prices

In May, the monthly change of the overall CPI was –0.1%.

The groups with the greatest positive monthly contribution to the overall index were the following:

Clothing and footwear, with a monthly change of 2.1%, which included the behaviour of the prices of the spring-summer season. Their contribution to the overall CPI index was 0.170.

Housing, whose monthly change of 0.3% and a contribution of 0.032, largely due to the increase in the prices of gas.

Alcoholic beverages and tobacco, with a monthly change of 1.1% and a contribution of 0.031, due to the increase in the prices of tobacco.

In turn, among the groups with a negative contribution to the overall index, the most relevant was:

Transport, whose change of –1.4% and a contribution of –0.219 to the overall index, due to the decrease in the price of fuels and lubricants for personal transport equipment.

Results by Autonomous Community. Annual changes

All Autonomous Communities decrease their annual change, except Illes Balears that stood Comunidad de Madrid and at 2.1%. one tenth higher than that registered in April 2012, an La Rioja that remains their annual rates at 2.0% and2.1%. respectively.

In turn the Autonomous Community in which the annual change decreased the more was Canarias, from 1.5% in April to 1.2% in May.

Harmonised Index of Consumer Prices (HICP) 

In May. the interannual variation rate of the HICP stood at 1.9%. one tenth below than that registered the last month. This change is the same than the HICP flash estimate. published last 30 May.

The monthly change of the HICP was –0.2%.

In turn. the Harmonised Index of Consumer Prices at Constant Taxes (HICP-CT) registered in April 2012 an annual change of 1.9% one tenth below than that registered by the HICP in said month (2.0%). due to the increase in taxes of tobacco.

The monthly change of the HICP-CT was 1.1%.

You can download the complete report here: Consumer Price Index – May 2012

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