SPANISH inflation slowed this month due mainly to lower fuel costs, national statistics institute INE said today, boosting the government ahead of an early general election in July.

It said inflation reached 3.2% year-on-year in May, down from 4.1% in April and 3.3% in March. 

The drop was mainly due to lower fuel prices and a more moderate rise in the price of food, INE said in a statement.

Core inflation, which strips out volatile food and energy prices, was 6.1% year-on-year, down from the 6.6% recorded in April.

The latest inflation figures come a day after Prime Minister Pedro Sanchez unexpectedly called snap elections for July 23 after his Socialist party suffered a drubbing in local and regional polls over the weekend.

His leftist coalition government has implemented a series of measures to lower inflation in Spain, which hit a record 10.8% in July.

It slashed value-added tax on essential foods such as bread, milk, fruit and vegetables, and introduced free rail travel passes. – AFP, May 30, 2023.