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Fuels drive inflation to 2.7% in May

Madrid, Jun 11 (.) .- Fuel prices increased the consumer price index (CPI) to 2.7% in May, five tenths more than in April and the highest interannual rate since February 2017, according to data confirmed this Friday by the National Institute of Statistics (INE). Transport was the group that most influenced this higher inflation, raising its price growth by two points to 9.4%, due to the higher cost of fuels and lubricants, which were cheaper a year ago. Within this heading, the rise in prices of automobiles, which became cheaper in 2020, also influenced, although to a lesser extent, inflation and leisure and culture, whose prices rose by 0.2%, due to the lower cheaper tourist packages, and food and non-alcoholic beverages, with an increase of 0.8%, five tenths more than in April, due to fish, oil and meat. To a lesser extent, housing also contributed to higher inflation, with an increase in its prices of 10.4%, four tenths more than in April, due to the rise in heating oil prices, which fell a year ago. To the drop in prices, hotels, cafes and restaurants dropped, with a fall of 0.6%, one tenth more, due to a lower increase in the cost of accommodation services. Core inflation, which does not take into account unprocessed food and energy products as they are the most volatile, increased two tenths, to 0.2%. In this way, it is two and a half points below the general CPI, the greatest distance between the two indices since core inflation began to be incorporated in August 1986. Prices rose in May in all regions and above the increases in April, highlighting Castilla y León and Castilla-La Mancha with an increase seven tenths higher than the previous month. In monthly terms, the CPI stood at 0.5% in May, seven tenths below that of April, and thus reflected the behavior of clothing and footwear (2.3%) for the spring-summer season, transport ( 1.1%) for gasoline and food (0.4%) for fruit and oil. As for the harmonized index of consumer prices (HICP) – which measures the evolution of prices with the same method in all the countries of the euro area – it stood at 2.4% year-on-year, four tenths above that of April, and at 0.5% per month. (c) . Agency

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