• Core inflation rises one tenth and stands at 1% in November
  • The differential with the euro zone remains favorable to Spain and stands at half a point

The Consumer Price Index (CPI) decreased by 0.3% in the interannual rate in November, according to data published by the National Statistics Institute (INE). This rate is four tenths higher than that of October and coincides with that advanced by the INE at the end of last November. The main components of the CPI that have contributed to this increase are energy products and non-energy industrial goods (BINE).

The prices of energy products registered an interannual rate of -10% in November, compared to -13.1% the previous month. This lower drop was due to fuels and fuels, which slowed the year-on-year rate of decline by almost two points, to 13.7%. Electric power also had an influence, which experienced an interannual increase of 0.4%, after the decrease of 6.4% in the previous month.

The year-on-year rate of change in total food prices moderated one tenth in November, to 1.7%. This was due to unprocessed food, the rate of which fell three tenths, to 2.4%, mainly due to the slowdown in the departure of fresh vegetables (4.4%, compared to 8.3% the previous month). ). For its part, the annual rate of processed food, beverages and tobacco remained at 1.4% for the fourth consecutive month. Oil continues to be the most inflationary item in this group, with a year-on-year increase of 28.3%, although this rate has been moderating in recent months.

Core inflation (which excludes the most volatile elements of the CPI, such as fresh food and energy) rose one tenth in November, to 1%. This slight increase is explained by the BINE prices, whose annual rate increased by one tenth, to 0.7%, while service inflation remained at 1%. The acceleration of the BINE was, in turn, due to the evolution of the price of automobiles, whose annual rate increased four tenths, to 3.9%. Within services, the acceleration of two tenths in the heading tourism and hospitality stands out, generated in turn by the behavior of the prices of organized trips, which accelerated 1.7 points to 4%. On the contrary, it affected the fall of 2.5 percentage points in the interurban public transport rate (-0.6%). This last drop is explained by the collapse of air transport (almost six points, up to -1.9%).

In month-on-month terms, the general and underlying CPI increased 0.4% in November. The rise in the general index is explained by the 1.5% increase in BINE prices, especially in the heading of clothing and footwear, which records a monthly increase of 5.1%, in automobiles (0.5%) and 0 7% of energy products, mainly electricity (2.6%). Processed food (0.1%) has also contributed to this rise, especially the heading of oils (1.5%).

The annual inflation rate increased in November in all the Autonomous Communities, although it maintained negative rates in all of them, except in the Balearic Islands, where it was slightly positive (0.1%) and in Catalonia, where it was null. Of the rest, those with the highest annual CPI rate were the Valencian Community, La Rioja and the Basque Country (-0.1% in all of them), followed by the Community of Madrid (-0.2%). Those with the lowest rates were Castilla-La Mancha, Castilla y León and Cantabria (-0.7% in all of them). On the other hand, the annual rate of the CPI at constant taxes stood at -0.3% in November, the same as that registered by the General CPI.

The INE has also published the harmonized CPI (IPCA) for the month of November, whose annual rate stands at -0.4%, five tenths above that of the previous month. If this rate is compared with that estimated by Eurostat for the euro area as a whole in the month of November (0.1%), the inflation differential in favor of Spain moderates by half a point, to 0.5 percentage points.

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