The Consumer Price Index (CPI) fell 0.4% in November compared to the previous month and cut its interannual rate by three tenths, to 3.2%, due to the cheaper fuel and tourist packages and an increase of food prices less pronounced than that experienced a year earlier.
On the other hand, electricity prices fell less than they did in November 2022, according to advanced data published by the National Institute of Statistics (INE).
With the moderation of its interannual rate in November, inflation is once again registering declines after having remained anchored at 3.5% for the last two months and falls to its lowest level since last August, when it stood at 2.6%.
“The advance CPI data for November is very good news. General inflation drops three tenths to 3.2%, helped by electricity, fuel and also food,” highlighted the first vice president and Minister of Economy, Commerce and Business, Nadia Calviño.
The INE incorporates in the CPI data preview an estimate of underlying inflation (without unprocessed food or energy products), which in November fell seven tenths, to 4.5%, a rate 1.3 points higher than the CPI general and the lowest since April 2022, when it stood at 4.4%.
“Core inflation continues on a downward path to 4.5%. With this, salaries continue to gain purchasing power and Spanish companies continue to gain competitiveness, increasing their market share, even in the difficult international context,” Calviño highlighted in an assessment of the advanced CPI data sent to the media.
In monthly terms (November over October), the CPI registered a decrease of 0.4%, after five consecutive months of monthly increases.
In the tenth month of 2023, the Harmonised Consumer Price Index (IPCA) placed its interannual rate at 3.2%, three tenths below the rate registered the previous month.
For its part, the estimated monthly variation of the IPCA was -0.6%.
The INE will publish the final CPI data for November on December 4.
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