The forecasts have been met and after several rate cuts this year by the European Central Bank, inflation in Spain is on an upward path. According to the final data published today by the National Statistics Institute, in November the figure stood at 2.4%.
It represents an increase of six tenths compared to the figure for October, the month that marked the end of the four-month truce. The INE has attributed the rise to the base effects produced by the prices of electricity and fuel, which have put upward pressure on the entire package.
The Ministry of Economy has highlighted that in recent months the average inflation rate has been 2.8%, a figure one percentage point lower than last year and almost three times lower than in 2022, the year in which the The Ukrainian war and the post-Covid expansionary policies unleashed a real price crisis.
However, food inflation, which is the one most noticed by citizens and one of the most talked about components, remained at 1.7% year-on-year, a lower rate than the general rate. The Ministry has attributed this to the good evolution of the prices of some products, such as oil, which in the last month has continued to decline and has accumulated a year-on-year drop of 3%. For its part, core inflation, which excludes the most volatile elements of the basket, has stood at 2.4%.
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