The consumer price index rose a tenth in April to 3.3%, led by energy and food.

The consumer price index (CPI) rose 0.7% in April from the previous month and increased its year-on-year rate by one-tenth to 3.3%, driven by higher gasoline and food prices, according to data reported in this Monday by US National Bank. Institute of Statistics (INE).

Specifically, the organization explained that gasoline prices rose in April compared to the decline they experienced in the same month in 2023, while food prices registered greater increases than a year earlier.

The year-on-year rise in the consumer price index also contributed, but to a lesser extent, to a smaller decline in electricity prices compared to what was observed in April 2023, it added.

On the other hand, the organization notes that prices for leisure and culture fell in April this year compared to the increase recorded in the same month last year.

With the interannual consumer price index rising in the fourth month of the year, inflation continued to rise for two months in a row, following the four-tenths it rose at in March.

The recovery in April, which has not yet been confirmed by statistics, brings inflation closer to the levels at the beginning of the year (3.4%).

The Ministry of Economy, Trade and Business, in its assessment sent to the media, highlighted that CPI dynamics in April were “influenced by the base effect due to better performance of gas and food prices last year”, while electricity continued to rise cheaper.

BASE RATE IS LOWER TOTAL RATE FOR THE FIRST TIME IN 2 YEARS

INE includes in its CPI data preview an estimate of core inflation (excluding unprocessed food and energy), which fell four-tenths in April to 2.9%, four-tenths lower than the headline CPI.

In this sense, the Ministry of Economy emphasized that for the first time in almost two years, core inflation is below the overall CPI level.