The Consumer Price Index (CPI) slowed its climb in November and reduced its year-on-year rate by one tenth, to 3%, according to data released Friday by the National Statistics Institute (INE). The decrease, which breaks a streak of two consecutive months of increases, comes after inflation reached its highest level in 16 months in October, standing at 3.1%.
Both the INE and the Ministry of Economy, Trade and Enterprise explain that this softening of inflation is mainly due to the drop in the price of electricity, which this November evolved downwards in contrast to the notable increase in prices recorded a year ago. However, other groups acted in the opposite direction: leisure and culture, whose prices fell less than in November 2024, and food and non-alcoholic beverages, which rose this year compared to the decrease recorded in the same month of the previous year.
Core inflation -which excludes unprocessed food and energy- rebounded slightly. According to INE’s estimate, it increased by one tenth of a percentage point to 2.6%, which, if confirmed, would place it at its highest level since December 2024.
In monthly terms, prices increased by 0.2% with respect to October, five tenths less than in the previous month. The harmonized CPI (HICP), used for European comparisons, also cut its year-on-year rate by one tenth of a percentage point to 3.1%, while its monthly variation remained stable. Harmonized core inflation is estimated at 2.7%.
The INE will publish the final CPI data for November on December 12, which will confirm the evolution of prices for the end of the year.
