The Consumer Price Index (IPC) reduced its year-on-year rate in April to 3.2%, two tenths below the 3.4% registered in March, according to the advanced data published by the National Institute of Statistics (INE).
The main factor that has contributed to this slowdown has been the cheapening of electricity, whose prices fell with greater intensity than in April 2025. Added to this is the evolution of tourist packages, which, although they rose due to the proximity of the high season, did so at a more moderate pace than the previous year, helping to contain the general index.
On the opposite side, fuels have exerted upward pressure on prices. Fuels and lubricants for personal vehicles registered increases during April, in contrast to the fall they experienced in the same month of 2025. This increase is linked, in part, to the rise in oil prices in international markets, influenced by the conflict in the Middle East.
For its part, core inflation, which excludes unprocessed food and energy products, also showed a slight moderation by standing at 2.8%, one tenth less than in March. This indicator is especially relevant because it reflects the underlying trend of prices, and its decrease suggests a certain stabilization beyond the most volatile components.
In monthly terms, the CPI increased by 0.4% in April compared to March, thus chaining three consecutive months of increases, although with a much lower intensity than the 1.2% registered the previous month. For its part, the harmonized CPI (HICP) stood at 3.5% year-on-year, with a monthly increase of 0.7%. The INE will publish the definitive data corresponding to April next May 14, which will allow confirming this trend of price moderation.
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