2020.05.2807:50:00UTC+00Spain Consumer Prices Fall Most Since 2016

Spain consumer prices declined at the fastest pace in four years in May driven by weak oil prices, flash data from the statistical office INE showed Thursday.

Consumer prices decreased 1 percent year-on-year in May, faster than the 0.7 percent fall reported in April. A similar bigger fall was last reported in May 2016.

On a monthly basis, consumer prices remained flat after rising 0.3 percent in April.

The harmonized index of consumer prices decreased 0.9 percent on year, following a 0.7 percent drop a month ago. This was also the fastest decrease since June 2016.

Month-on-month, the HICP remained unchanged after climbing 0.4 percent in April.

Data showed that food prices grew at a slower pace of 3.5 percent annually in May after rising 4 percent in April.