Inflation holds at 3.2% for third consecutive month

Factors contributing to the upward pressure on prices included increases in transport costs and package holidays, which fell by less than in the previous year. Conversely, prices for clothing, footwear, food, and non-alcoholic drinks eased, with their annual inflation rate dropping to 2.2%.

A complicating factor highlighted in the report is the rise in core inflation, which excludes volatile energy and fresh food prices. Core inflation increased to 3%, a tenth of a point higher than previously indicated and two-tenths above April's figure. The harmonised CPI, used for comparison across the EU, stood at 3.6% year-on-year.

The Spanish government attributed the inflation's stability to its anti-crisis measures and 'renewables shield', estimating that its response plan has reduced headline inflation by over one percentage point. The executive plans to convene meetings with representatives from the energy, agri-food, and industrial sectors to assess the war's impact and potentially adjust existing measures.