Inflation stalls at 3.2% for the third consecutive month, amid the effects of the conflict in Iran. The Consumer Price Index The Consumer Price Index (CPI) ended May with an annual growth rate of 3.2%, matching the figures for the preceding two months, as reported by the National Statistics Institute (INE).
It has been three months in a row with figures exceeding 3%. amidst fluctuating energy prices caused by the turmoil in Iran. The data support the preliminary forecast released by the INE By the end of May. Compared to the previous month, the CPI increased by 0.1%, which is three-tenths of a percentage point lower than in April.
What has increased and what has decreased
Among the factors that drove inflation higher included transportation and recreation, sports and cultural events. The primary cause: packaged tours decreased to a lesser extent compared to the same month in 2025, resulting in increased upward momentum for the index.
Pulling the other way clothing and shoe costs garment and footware expenses apparel and footwear pricing costs of clothes and shoes prices for garments and footwear items of attire and shoe charges pricing of apparel and footwear expenses related to clothing and shoes the cost of wearing outfits and footwear values assigned to textiles and footwear in addition to those related to food and non-alcoholic drinks played a role in reducing inflation, as the annual rate dropped to 2.2%, which is 0.4 percentage points lower than in April, due to changes in the prices of fruits, vegetables, legumes, and potatoes.
A single element that complicates matters: underlying inflation which excludes energy and perishable goods, increased to 3 percent, an increase of one-tenth of a percentage point from the preliminary figure and two-tenths higher than in April. The unified CPI, the measure utilized to compare with the rest of the EU increased to 3.6% compared to the previous year.
The administration justifies its measures against the crisis
The statement from the executives conveyed a sense of moderate composure. The authorities credited the consistency of the CPI with their actions. and to the so-called "renewables shield," with projections indicating that the Response Plan for the Middle East crisis has lowered overall inflation by just slightly more than one percent.
In the following two weeks The government intends to hold discussions with the energy, agriculture, and manufacturing industries to assess the effects of the conflict and, if required, modify the provisions within the crisis mitigation strategy.
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