The Consumer Price Index (CPI) moderates this April to 3.2% in the interannual rate, two tenths less than in March, whose final data stood at 3.4%. Without a doubt, the fall in the price of electricity has marked this small drop, which makes the rise in fuel prices not noticeable, on the other hand. The advance data published by the National Institute of Statistics (INE) Thus confirming that inflation is putting the brakes on after the rebound in the previous month. Core inflation, for its part, fell only one tenth compared to the previous month and stood at 2.8%.
The evolution of prices responds, mainly, to the decrease in the electricity bill, which fell more sharply than in April of last year, as well as to the behavior of tourist packages, whose prices increased, but to a lesser extent than in 2025. In the opposite direction, fuels and lubricants for personal vehicles pushed upwards, as they registered increases compared to the decrease they experienced a year ago, in a context still conditioned by the rise in oil prices derived from the conflict in the Middle East.
The Ministry of Economy praises the measures adopted to cushion the energy impact as one of the reasons for the drop in electricity and, therefore, for the moderation of inflation. According to the department headed by Carlos Body, the response plan approved in March is managing to prevent the external shock from being permanently transferred to prices and the purchasing power of households.
Core inflation drops to 2.8%
Core inflation, which excludes unprocessed foods and energy products, also moderates, reaching 2.8%, one tenth less than in March, according to the advance estimate of the INE.
If this data is confirmed in the final statistics, the underlying would consolidate a downward trend that began in recent months, although still at levels that reflect the persistence of certain structural inflationary pressures.
Monthly increase of only 0.4% and 3 consecutive months on the rise
Speaking in monthly terms, prices registered an increase of 0.4% in April compared to March, thus chaining three consecutive months of increases, although with a lower intensity than that registered in March, when the increase was 1.2%.
For its part, the Harmonized Consumer Price Index (IPCA), which allows comparing the evolution of prices with other European countries, placed its interannual rate at 3.5%, one tenth more, with a monthly increase of 0.7%.
The INE data show, as reflected in the graph of the evolution of the annual rate, a slight correction after the recent maximum in March, although still at levels higher than the 2% that the European Central Bank considers compatible with price stability.
The final CPI data for April will be published on May 14, when it will be confirmed whether this moderation consolidates a change in trend or responds to current factors linked, mainly, to the behavior of energy.