The Consumer Price Index (CPI) increased by 0.6% in October compared to the previous month and increased its interannual rate by three tenths, up to 1.8%according to data published this Wednesday by the National Institute of Statistics (INE).
The organization explained that the rise in the CPI to 1.8% is due to the increase in fuel prices and, to a lesser extent, the rise in electricity prices and gas, compared to the drop they experienced in October 2023.
With the increase in the interannual CPI in the tenth month of the year, inflation resumes its rise after having had four consecutive months of declines.
The Ministry of Economy, Trade and Business, however, stressed that inflation remained below the 2% reference level set by the European Central Bank (ECB).
The INE includes in the CPI data overview an estimate of core inflation (without unprocessed food or energy products), which increased by a tenth in October, to 2.5%, seven tenths above the general rate.
In monthly terms (October vs. September), the CPI rose 0.6% from the previous month, its largest monthly increase since last April, when it rose 0.7%.
For its part, the harmonized CPI (IPCA) increased by a tenth in October, to 1.8%, and increased by 0.4% in monthly values.
INE will publish final CPI data for October next November 14.
“Spain continues to make the highest economic growth among developed economies consistent with inflation that has moderated considerably in recent months. This allows this excellent macroeconomic data to also be transferred to microdata, thus improving the situation and the prospects for our businesses and our families.” , underlined the Ministry of the Economy.
