13 June 2025

Consumer Price Index (CPI)
Harmonised Index of Consumer Prices (HICP)

May 2025

Main results

The annual variation rate of the May CPI stood at 2.0%, two tenths below that registered in April.
The annual change of core inflation decreased two tenths of a percentage point to 2.2%.
The monthly variation of the general rate was 0.1%.
The annual rate of the Harmonised Index of Consumer Prices (HICP) stood at 2.0%, two tenths below the previous month.

More information

Annex of tables (includes information from the Autonomous Communities)
Detailed results of IPC and IPCA
Videos: What is the Shopping Basket / The IPC
How much the IPC varied since...

The annual rate of the overall Consumer Price Index (CPI) in May was 2.0%, two tenths lower than that registered the previous month.

The groups that stood out most in terms of their influence on the decrease in the annual rate were:

Leisure and culture, whose annual rate declined by 2.2 points to 0.5%. This behaviour was due to the drop in package tour prices, as opposed to the rise reported in May 2024.
Housing, whose annual rate declined by 0.4 percentage points to 3.8%, due to electricity prices increasing less than in the previous year.

Some of the groups with a notably positive influence on the annual rate are:

Food and non-alcoholic beverages, whose annual variation stood at 2.5%, was five tenths higher than in the previous month. This behaviour was mainly due to the rising price of fruit, above that of May 2024.

The annual variation rate of core inflation (general index excluding unprocessed food and energy products) fell by two tenths compared with April, and stood at 2.2%.

Annual CPI Rate

Overall and core index. Percentage

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            2.3,
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            3.6,
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            3.3,
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Monthly evolution of consumer prices

In May, the monthly variation rate of the overall CPI was 0.1%.

The groups with the greatest positive monthly impact to the CPI monthly rate were:

Clothing and footwear, with a monthly rate of 2.5%, reflecting the behaviour of prices of the new spring-summer season. The impact of this group to the overall CPI was 0.093.
Food and non-alcoholic beverages, whose monthly rate of 0.5% contributed 0.087 to the general CPI. This change was due to higher prices for fruit and, to a lesser extent, meat.

On the other hand, among the groups with a negative monthly impact, the following stood out:

Leisure and culture, with a variation of -1.9%, resulting from the falling prices in Package Tours. The impact of this group to the overall CPI was -0.156.
Transportation, with a rate of -1.0% and a contribution of -0.146, was due to the drop in the prices of fuels and lubricants for personal transport and passenger air transport.

Results by Autonomous Community

The CPI recorded positive annual rates in all autonomous communities in May.

Illes Balears and País Vasco the highest rates (both 2.4%) and Región de Murcia the lowest (1.3%).

Annual CPI rates by Autonomous Community. May 2025

Percentage

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Harmonised Index of Consumer Prices (HICP)

In May the annual variation rate of the HICP stood at 2.0%, two tenths lower than that recorded in the previous month.

The monthly variation of the HICP was 0.0%.

Annual HICP rate

General index. Percentage (the latest Monetary Union figure is progress)

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            2.8,
            2.6,
            2.4,
            2.4,
            2.6,
            2.5,
            2.6,
            2.2,
            1.7,
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            2.3,
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Data revisions and updates

The data published today is final and is not subject to further revision. All the results are available on INEBase.

Methodological note

The Consumer Price Index (CPI) is a short-term indicator that measures the evolution of the prices of consumer goods and services acquired by households resident in Spain.

On the other hand, the Harmonized Index of Consumer Prices (HICP) is an indicator whose objective is to provide a common inflation measure that allows international comparisons.

Type of survey:: continuous monthly survey.
Base period:: 2021 (CPI) and 2015 (HICP).
Reference period for the weightings:: year prior to the present year.
Sample of municipalities:: 177.
Number of products:: 462 (CPI) and 461 (HICP), for traditional collection, and 737 for scanner data.
Number of observations:: approximately 210,000 monthly prices.
Functional classification:: ECOICOP.
General calculation method:: Laspeyres’ Chain Index.
Collection method:: interviewing agents in establishments, scanner data and centralised collection for special items.

For more information you can access the methodology and the standardised methodological report at (IPC and IPCA).

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices.

For further information see

Official INE account on @es_ine

All press releases at:: www.ine.es/en/prensa/prensa_en.htm
Press office:: (+34) 91 583 93 63 / 94 08 – gprensa@ine.es
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Consumer Price Index (CPI)Harmonised Index of Consumer Prices (HICP)