The National Institute of Statistics (INE) has published advanced data on the Consumer Price Index (CPI) in Spain, indicating an increase of 0.2% in November compared to the previous month. The interannual rate rises six tenths, standing at 2.4%.
According to the INE, the increase in the CPI is mainly due to the increase in fuel prices and the increase in electricity prices, in contrast to the decrease experienced in November 2023.
The organization also highlights that this increase in inflation is the highest since July, when it reached 2.8%.
Despite the increase, the Ministry of Economy assesses that the average inflation in the last 12 months is 2.8%, “maintaining the downward path compared to the peak reached in 2022.” Specifically, it has been reduced by one point compared to last year’s average and is almost three times lower than that of 2022.
“This reduction demonstrates the effectiveness of the economic policy measures implemented, which are making it possible to make the highest growth among the main economies of the euro zone compatible and to continue reducing inflation on a continuous basis,” said Economía.
Core inflation
The INE has also provided an estimate of underlying inflation, which excludes unprocessed foods and energy products. In November, this figure decreased by one tenth, equaling the general index at 2.4%.
Regarding monthly data, the CPI increased 0.2% in November compared to October, being four tenths less than the increase registered in the previous month. On the other hand, the harmonized CPI (IPCA) rose six tenths in November, reaching 2.4%, and remained stable in monthly terms.
The INE plans to publish the final CPI data for November on December 13, which will provide a more detailed view of the evolution of consumer prices in Spain.