• Fuel and electricity prices slow down
  • Core inflation is reduced one tenth, to 0.9%

The interannual rate of the general CPI was reduced in November by six tenths, standing at 1.7%, an identical rate to that advanced by the INE at the end of last month, mainly due to the increase in the content of energy prices.

The prices of energy products moderated their growth rate by more than four points, up to 6.4% year-on-year, as a result of the slowdown in November of the prices of fuels and lubricants, standing at 7.6% the interannual rate . Electricity prices also cut their growth rate, three and a half points, to 0.3%.

The prices of unprocessed food maintained an interannual rate of 3.5%, highlighting the largest increase in prices of fresh vegetables and vegetables, almost four points to a rate of 6.5%, while fruit prices fresh slowed two and a half points, up to 4.5%.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), stands at 0.9% year-on-year, one tenth lower than October.

Among the components of core inflation, the prices of processed food, beverages and tobacco increased 0.6% in November, four tenths less than in October, highlighting the fall in olive oil prices, 14.6% , higher by almost four points than the previous month.

The prices of non-energy industrial goods (BINE) remained practically stabilized, at 0.1% year-on-year.

The prices of the third component of core inflation, services, slowed down one tenth, to 1.5%, highlighting passenger air transport, whose prices fell 8.2% year-on-year, down almost seven points more pronounced that of the previous month, and the tourist packages, which fell 0.4% (compared to the 1% rise in October).

The annual CPI rate decreases in all autonomous communities in November compared to October. The largest decrease occurs in Cantabria, with a drop of eight tenths, to 1.6%. For its part, the Canary Islands is the community where the inflation rate has been reduced the least, three tenths to 1.6%.

The interannual rate of the CPI to constant taxes stood at 1.7% in November, as was the general CPI.

The INE has also published the harmonized CPI (CPI) corresponding to the month of November, whose annual rate is also reduced by six tenths, up to 1.7%. The rate advanced by Eurostat for the euro zone as a whole stands at 2% in that month, resulting in a favorable inflation differential to Spain of 0.3 percentage points.



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