Inflation rose to 1.8% in annual rate in October, three tenths more than in September, due to the increase in fuel prices.
According to the advance of the consumer price index (CPI) published by the National Institute of Statistics (INE) this Wednesday, the evolution also reflects, although to a lesser extent, the rise in the prices of electricity and gas, which fell in October 2023.
As for core inflation, without fresh food or energy products, it increased by one tenth, to 2.5%. Compared to September, the increase is 0.6%, the largest increase in the monthly inflation rate since April of this year.
Despite the rebound in October, the CPI remains at the most moderate levels in three and a half years, since March 2021, when it stood at 1.3%, beginning at that time a path of increases that reached 10, 8% in summer 2022.
The Ministry of Economy, Trade and Business has highlighted that inflation remains below the European Central Bank (ECB) reference level of 2%.
“Spain continues to make the highest economic growth among developed economies compatible with inflation that has moderated significantly in recent months,” they assessed in statements sent to the media.
Regarding the harmonized data, the estimated annual variation rate of the IPCA was 1.8%, one tenth above that registered the previous month. For its part, the estimated monthly variation of the IPCA is 0.4%.
The final data for October, with more details by group, will be known on November 14.
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