Europe

Inflation dropped in the Balearics in April

The Consumer Price Index dropped by 0.6% in the Balearic Islands April compared to March, according to the National Institute of Statistics.

The inter-annual rate stood at 7.8%, which is 1.6 points below March and the accumulated data so far this year is 2.8%.

In the Balearic Islands, all sections have gone up, compared to last year.

Housing, water, electricity, gas and other fuels are up by 16.3%, transportation by 12.3%, food and non-alcoholic beverages by 8.7% and alcoholic beverages and tobacco by 4.6%. Furniture and household items went up by 5.2%, leisure and culture by 3.9%, health by 2.4%, education by 2.1% and clothing and footwear rose by 1.9%.

The greatest price drops compared to March were housing by -8.4% and transport by -4.1%.

The rest of the indices rose month-on-month: clothing and footwear by 7.1%, food and non-alcoholic beverages by 2.8%, furniture by 1.6%, alcoholic beverages and tobacco by 0.7 %, communications by 0.5%, leisure and culture by 0.4% and health by 0.1%.

National data

Nationwide, the Consumer Price Index fell 0.2% in April compared to March and the year-on-year rate fell by 1.5 points to 8.3%, due to lower electricity and petrol prices.

The data points to year-on-year inflation of 8.4% in April and a monthly rate of -0.1%.

The CPI is at unusually high levels, but it has not fallen this much in a single month since January 1987, which is more than 35 years.

April’s was also the first time inflation dropped after two months of strong increases, which pushed the CPI to 9.8% in March, its highest rate in almost 37 years.

The moderation of the inter-annual CPI to 8.3% is mainly due to the price decrease in electricity and fuel for personal vehicles.

Food prices registered an inter-annual rate of 10.1% in April, which is more than three points higher than March, due to the general rise in most things, particularly meat, bread, cereals, legumes, vegetables, milk, cheese and eggs.

The cost of accommodation, restaurant services and tourist packages also rose in April. Excluding the reduction in the special tax on electricity and the variations in other taxes, the inter-annual CPI reached 9.3% in April, one point above the general rate of 8.3%.

In the last year, heating, light and water went up by 35.2%; oils and fats increased by 48.4% and personal transport is 13.2% more expensive.

Core inflation increased by one point in April, to 4.4%, its highest value since December 1995. Core inflation is almost four points below the rate of the overall CPI, which registered a decrease of 0.2% in April compared to March. It’s the first drop after two months of increases and the first negative monthly rate of inflation in April since 1992.

The Harmonized Index of Consumer Prices inter-annual rate fell to 8.3% in April, 1.5 points below March and the IPCA advance indicator dropped by 0.3%.

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