The National Statistics Institute (INE) today confirmed that the year-on-year inflation rate fell to 4.0% in May, 1.7 percentage points lower than in April.
In a press release issued today, INE confirms the value of the inflation rate brought forward to May 31 and states that this deceleration is partly explained by the base effect resulting from the increase in electricity, gas and food prices in May 2022.
“The VAT exemption on a series of essential food products also contributed to the deceleration recorded in May, with an estimated impact on the total CPI variation of around 0.8 percentage points,” said INE.
INE also reported that the underlying inflation indicator (total index excluding unprocessed food and energy products) recorded a variation of 5.4%, compared with 6.6% in April.
