Inflation increased by three tenths to 1.8% in October, compared to the same month of 2023, due to the increase in fuel, electricity and gas prices, according to the INE report published Wednesday.
The general CPI (consumer price index) remained at 1.5% in September. Despite this increase, this month it remains below the ECB’s theoretical objective of 2% and allows families to regain purchasing power.
October data is also marked by the increase in VAT on basic food products. This is a process of normalization of this tax that the Government has planned in stages, after having lowered it from the beginning of 2023 to try to moderate the rise in prices in stores and supermarkets.
The INE does not give details on the evolution of food prices in this first overview of October data. In September, food inflation moderated to 1.8% year-on-year. The October figure will be known in mid-November.
Core inflation, which excludes energy and food from its calculation precisely because they are considered the most volatile elements of the shopping basket, has increased by barely a tenth since September, until ‘at 2.5% over one year.
“Spain continues to make the highest economic growth among developed economies compatible with inflation which has moderated considerably in recent months,” underlines the Ministry of the Economy.
“This makes it possible to also transfer this excellent macroeconomic data to microdata, thus improving the economic situation and the prospects of our businesses and our families,” they continue from the department led by Carlos Body.
