May inflation reflected supply factors

Summary

Consumer price index increased 0.23% May (BBVA: 0.25%, Consensus: 0.19%), mainly due to rising food and electricity prices, partially offset by a reduction in the cost of fuel. With this result, annual inflation rose to 3.6% (3.5% in April), context in which we have adjusted our forecast for the end of the year, from 2.7% to 3.1%

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