Inflation rises to 8.7% in May in Spain

Rising costs of energy and food continue to push Consumer Price Index (CPI)

A shop assistant helps a customer in a clothes store in Reus (by Mar Rovira)
A shop assistant helps a customer in a clothes store in Reus (by Mar Rovira) / ACN

ACN | Barcelona

May 30, 2022 09:27 AM

Inflation in Spain increased once again in May to 8.7% year-on-year, according to a flash estimate published by the Spanish Statistics Institute (INE) on Monday.

The rising cost of energy continues to push the the Consumer Price Index (CPI), but the figure is below the peak of 9.8% reached in March. That month also saw record-high figures for inflation in Catalonia, at 9.5%.

This month's increase is slightly higher than the 8.3% recorded in April, when the growth in inflation slowed down.

Price increases in energy and fuel have skyrocketed ever since Russia's invasion of Ukraine, leading to various protests in March from truck drivers, taxi drivers, and the general public on various separate occasions.

Food and non-alcohol beverages prices are also on the rise. 

The INE indicates there has been a price drop in electricity prices. This could be mainly driven by an agreement between the Spanish, and Portuguese governments and the European Commission. 

On the other hand, the annual rate of change in underlying inflation, which does not consider unprocessed foods or energy products, rises from 4.4% to 4.9%, which is the highest level since October 1995.

For more on the cost of living crisis, have a listen to the episode below of our podcast, Filling the Sink, published in early April.