“As seen in the previous month, the acceleration of the CPI [Consumer Price Index] is mainly explained by the increase in fuel prices,” states the statistical institute, which thus revised downwards the value in the preliminary estimate released at the end of last month.

The downward revision of 0.1 percentage points compared to the estimate is due, according to the INE, to an adjustment “of only 0.01 percentage points”. Rounded to two decimal places, the CPI thus fell from 3.36% in the estimate to 3.35% in the final value.

In April, the index for energy products increased to 11.7% from 5.7% the previous month, while the index for unprocessed food products rose to 7.4% from 6.4% in March.

In turn, the underlying inflation indicator, which excludes unprocessed food and energy products, rose 2.2% year on year, up from 2.0% in March.

In April, compared to March, the CPI rose 1.3%, a figure that compares with 2.0% in the previous month and 0.7% in the same month last year.

Over the last 12 months, this indicator had an average variation of 2.4%, up 0.1 percentage points from 2.3% in the 12 months ending in March.

The Harmonised Index of Consumer Prices (HICP), which allows comparison across the various countries of the European Union (EU), rose by 3.3% year on year in April, up from 2.7% the previous month and 0.3 percentage points above Eurostat's estimate for the euro area.

Excluding unprocessed food and energy products, the HICP grew 2.3% in April, compared with 2.0% in March and 2.1% in the euro area.

The monthly variation of this indicator was 1.9% - below 2.3% in the previous month, but above 1.3% in the same month of the previous year, with the average variation over the last 12 months being 2.3% (2.2% in the previous month).