Inflation remains stuck at 3.2% for the third month in a row, amid the full impact of the war in Iran. The Consumer Price Index (CPI) ended May with a year-on-year rate of 3.2%, the same as in the previous two months, according to final data from the National Statistics Institute (INE).
This is the third consecutive month above 3%, against a backdrop of volatile energy prices stemming from the conflict in Iran. The figures confirm the flash estimate published by the INE at the end of May. Month on month, the CPI rose by 0.1%, three-tenths of a point less than in April.
What has risen and what has fallen
Among the factors that pushed inflation higher were transport and leisure, sport and cultural activities. The main reason: package holidays fell by less than in the same month of 2025, which translated into greater upward pressure on the index.
Pulling in the opposite direction, clothing and footwear prices, as well as those of food and non-alcoholic drinks, acted as a drag. Their annual inflation rate eased to 2.2%, four-tenths of a point below April, thanks to the behaviour of fruit, vegetables, pulses and potatoes.
One figure that complicates the reading of the report: core inflation, which excludes energy and fresh food, rose to 3%, a tenth of a point higher than previously indicated and two-tenths above April. The harmonised CPI, the indicator comparable with the rest of the EU, stood at 3.6% year on year.
The Government defends its anti-crisis shield
From the executive, the tone was relatively calm. The government attributed the stability of the CPI to its measures and to the so-called ‘renewables shield’, and estimates that the Response Plan to the conflict in the Middle East has reduced headline inflation by a little more than one percentage point.
Over the next two weeks, the executive plans to meet representatives of the energy, agri-food and industrial sectors to assess the impact of the war and, if necessary, adjust the measures in the anti-crisis plan.