Consumer price growth in Spain slowed to a seven-month low in May

The preliminary estimate published in early June had predicted a slightly lower May inflation of 1.9 percent.

According to a statement from the Spanish statistics office, the slowdown in annual inflation in May was mainly due to developments in leisure and cultural services, housing and utility prices, and electricity prices.

The annual increase in housing and utility prices slowed to 3.8 percent from 4.2 percent in April, while the price of leisure and cultural services rose by 2.2 percent year-on-year, following a 2.7 percent increase in the previous month.

The price of food and non-alcoholic beverages increased by 2.5 percent year-on-year, compared with a 2.0 percent increase in the previous month.

On a monthly basis, consumer prices rose by 0.1 percent in May, following a 0.6 percent increase in April, compared with a preliminary estimate of stagnation.

Annual core inflation excluding food and energy prices decreased to 2.2 percent in May, from 2.4 percent in the previous month.

The annual growth rate of the Harmonised Index of Consumer Prices (HICP), calculated for EU comparison purposes, was 2.0 percent in the fifth month of the year, after 2.2 percent in the previous month, and stagnation was recorded on a monthly basis, after a 0.6 percent increase in the previous month.