The Consumer Price Index (CPI) consolidated its year-on-year rate at 3.2% in May, marking three consecutive months above 3% amidst the "shock" of the war in Iran. This is according to the definitive data released this Friday by the National Statistics Institute (INE), which confirms the figures initially released at the end of last month.
According to the statistical agency, the rise in inflation in May was driven by transport, "mainly due to the increase in air passenger transport prices," and by recreational, sporting, and cultural activities, where package holidays stood out, with prices falling less than in May 2025.
Conversely, the INE details that lower prices for clothing and footwear, as well as for food and non-alcoholic beverages, contributed to moderating the general index.
The Executive emphasizes that the 3.2% rate in May remains stable thanks to the measures implemented by the Government and the so-called "renewable shield," in a scenario marked by high volatility in energy prices stemming from the war in Iran.
The Government estimates that the impact of the Response Plan to address the consequences of the conflict in the Middle East has resulted in a containment of just over one percentage point in general inflation.
The Ministry of Economy highlights that electricity and gas tariffs remain contained, with year-on-year decreases in May of -5.5% and -9.7%, respectively. "Spain's commitment to renewables and energy sovereignty constitutes a shield against the impact of the war in Iran," stated the Department headed by Carlos Cuerpo.
In parallel, the year-on-year inflation for food and non-alcoholic beverages has decreased to 2.2%, four tenths less than in April, thanks to the performance of fruits and vegetables, legumes, and potatoes.
Monitoring of the response plan and sectoral meetings
As part of the monitoring of the Response Plan to the war, the Government has launched, following the meeting on May 25 with social agents, a series of sectoral meetings to assess the impact of the conflict and the effectiveness of the measures adopted.
The first meetings were held this week between the First Vice President and Minister of Economy, Trade and Business, Carlos Cuerpo, and the employers' associations for transport, logistics, and distribution.
During the next two weeks, the Executive plans to meet with the energy, agri-food, and industrial sectors, with the aim of studying the continuity and possible adjustments of the anti-crisis plan beyond June 30.
Current anti-crisis measures and gradual withdrawal of support
Regarding the anti-crisis package, after the drop in the electricity bill in April, the progressive withdrawal of the reduction in the Special Tax on Electricity and the VAT applied to electricity, natural gas, briquettes, pellets, and firewood began on June 1. In contrast, measures related to the Tax on the Value of Electricity Production will remain active until June 30.
Fiscal measures on fuels — reduced rates of the Hydrocarbons Tax, 10% VAT on gasoline, diesel, and biofuels, and partial refund of professional diesel — will also remain in effect until June 30.
Sectoral initiatives will also be maintained, including aid for farmers and transporters, as well as reinforced discounts for the social electricity bonus (42.5% for vulnerable consumers and 57.5% for severely vulnerable).
"The Government will continue to monitor price evolution, minute by minute, hand in hand with social agents and the most affected sectors. Spain is better prepared than ever for shocks like the war in Iran," the Executive has emphasized.
Core inflation rises to 3% and HICP to 3.6%
In parallel, the INE has revised core inflation upwards — which excludes unprocessed food and energy products — to 3%, one tenth higher than previously reported last month and two tenths higher than the rate recorded in April.
In monthly terms (May compared to April), the CPI increased by 0.1%, moderating the 0.4% increase recorded in April by three tenths. With this rise, monthly inflation has now seen four consecutive months of increases.
On the other hand, the harmonized CPI (HICP) increased its year-on-year rate by one tenth in May, to 3.6%, with a monthly variation also of 0.1%.
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