Drop in fuel prices brings inflation in Spain down to 3.2% in May

Inflation in Spain dropped in May to 3.2%, according to preliminary figures from the Spanish Statistics Institute (INE) released on Tuesday. 

The Consumer Price Index (CPI) is down 0.9 percentage points, driven by the drop in fuel prices and the minor increase in food costs compared to one year ago. 

The drop brings the CPI to the lowest level registered since July 2021.

Core inflation – which does not take into account unprocessed food and energy – fall to 6.1%. Prices have dropped by 0.5 percentage points compared to the month of April, according to the INE, the lowest point since July last year.