June 15, 2021

The CPI soars in May to 2.7% and marks its highest level in four years


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The Consumer Price Index (CPI) rose 0.4% in May compared to the previous month and placed its interannual rate at 2.7%, five tenths above that of April, according to advanced data published this Monday by the National Institute of Statistics (INE). With this rebound, with which the annual CPI chains its fifth consecutive positive rate, inflation climbs to levels unknown for four years. In fact, such a high CPI rate had not been reached since February 2017, when it stood at 3%.

This is reflected in the advance indicator of the CPI prepared by the National Institute of Statistics (INE) published this Monday, where the advance is especially caused by the rise in the prices of fuels and fuels, compared to the decrease registered in May of last year . The INE will publish the confirmed data next month.

In monthly rate, the CPI increased by 0.4% in May, eight tenths less than in April, and has already added three consecutive months of increases.

The INE incorporates in the advance of CPI data an estimate of core inflation (excluding non-processed food or energy products), which figures for May at 0.2% year-on-year, two tenths more than in April and a rate of 2.5 points lower than the general index.

In the fifth month of 2021, the Harmonized Consumer Price Index (HICP) placed its interannual rate at 2.4%. If this data is confirmed, the annual rate of the IPCA would increase four tenths compared to the previous month. For its part, the leading indicator of the HICP rose 0.5% in monthly rate.

The INE will publish the final CPI data for May on May 14.

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