• Core inflation remains stabilized at 1%
  • The inflation differential favorable to Spain with respect to the euro zone stands at 0.5 percentage points

The interannual rate of the general CPI remained at 0.1% in October 2019.

The prices of energy products barely altered their rate of year-on-year fall, which was -6.5%. This has been mainly due to the fact that the greater decrease in fuel and lubricant prices from almost two points to -3.7% and gas, from more than six points to -11.3%, offset the lower fall in electricity prices, which were reduced by -11.1%, down six points more moderate than the previous month.

The prices of unprocessed food increased 1.8% year-on-year, half a point more than in September, highlighting in this evolution the growth of 1.8% of the prices of fresh fruits after the decrease of -4.6% of the last month.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), has remained at 1% in October, due to the practical stability of all its components. The interannual rate of services is reduced by one tenth, up to 1.4%, while those for processed food and non-energy industrial goods increase by one tenth, to 0.7% and 0.5%, respectively.

In October, the annual rate of the CPI increased in six autonomous communities, remained in seven and decreased in the remaining four. The largest increases were recorded in Extremadura (half a point up to 0.1%), Comunidad Valenciana, Castilla La Mancha and Asturias (two tenths in each case). The largest decrease corresponded to Navarra, two tenths to 0.5%, followed by Madrid, the Canary Islands and Cantabria, in which inflation fell one tenth.

The interannual rate of the CPI at constant taxes was 0% in October, one tenth below that registered by the general CPI.

The INE has also published the harmonized CPI (IPCA) corresponding to the month of October, whose annual rate remains at 0.2%. The inflation advanced by Eurostat for the whole of the euro zone stands at 0.7% in the same period, resulting in a favorable differential for Spain of 0.5 percentage points, lower by one tenth from the previous month.

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