Energy reduces inflation in April to -0.7% year-on-year
13/05/2020
The overall year-on-year CPI rate fell by seven tenths in April from the previous month’s, to -0.7%.
May 14, 2020. The overall year-on-year CPI rate fell by seven tenths in April from the previous month’s, to -0.7%.
Energy product prices fell 17.1% year-on-year in April, nearly seven and a half points higher than in March. This reduction was mainly due to the fall in fuel and fuel prices , which fell by 16.2%, compared to the 8% fall of the previous month. Electricity prices also contributed to this fall, although to a lesser extent, with a drop of 19.9%, a drop 5.7 points more pronounced than in March.
The prices of unprocessed food increased 6.9% year-on-year, three points more than the previous month, mainly due to the acceleration of the prices of fresh fruits, which increased 12.8% year-on-year, compared to 5.2% the previous month, affected by a base effect associated with the intense fall of a year earlier, and of fresh vegetables and vegetables that grew 5.8%, almost five points more than in March.
Underlying inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), remains at 1.1% year-on-year, because the rise in the growth rate of processed food prices, five tenths to 1.9%, was offset by the lower rise in services prices, which grew by 1.3%, one tenth less than in March. Among the services, the slowdown in the prices of tourism and hospitality stands out, a tenth up to 1.5% and, in particular, of the catering.
In April, the year-on-year rate of the CPI fell from that of March in all the autonomous communities. The largest decreases occurred in Aragon and Castilla-La Mancha, a point up to -1.2% in both cases.
The CPI’s year-on-year rate at constant taxes was in April in the United States.
-0.7%, same as the general CPI.
The INE has also published the harmonized CPI (HICP) for the month of April, whose year-on-year rate has decreased by eight tenths, to -0.7%. Eurostat’s inflation rate for the euro zone as a whole stood at 0.4% in the same period, with the favourable differential for Spain standing at 1.1 percentage points, five tenths more than in March.