• The underlying rate, which excludes the most volatile elements of the CPI, is reduced by one tenth, up to 0.8%

The Consumer Price Index (CPI) increased in November 2017 by 1.7% year-on-year, according to figures published by the National Institute of Statistics (INE), a rate higher by one tenth to that advanced by the INE for that month as to the one registered in October. This increase in inflation is explained by the rebound in energy prices, in line with the evolution of the price of oil, partially offset by the slight slowdown in service and food prices, and by the greater decrease in non-energy industrial goods (BINE) In inter-monthly terms, the CPI registered a 0.5% increase in November 2017, compared to the 0.4% increase in the same month of 2016.

The prices of energy products increased 6% year-on-year in November this year, 2.1 points more than in October, evolution mainly associated with the acceleration of the prices of fuels and lubricants. The prices of liquid fuels accelerated six points, up to 8.9%, and those of electricity one tenth, up to 3.5%. On the other hand, gas prices reduced the growth rate by seven tenths, up to 7.1%.

Food inflation stood at 2.2% in November, one tenth lower than the previous month. Unprocessed food prices grew 4.3%, six tenths less than in the previous month, due to the slowdown in fresh fruit prices, 2.1 points to 8%, and, to a lesser extent, of fresh vegetables, which grew from 8.8% in October to 7.5% in November. The prices of processed food, beverages and tobacco rose 1.2%, two tenths more than in October.

Core inflation (which excludes unprocessed food and energy products, more volatile elements of the CPI) decreased one tenth in November, to 0.8%, due to the deceleration of service prices and the greater fall in BINE prices. The prices of services increased 1.5% in the interannual rate, one tenth less than in the previous month, as a consequence, mainly, of the evolution of tourism and hospitality, whose prices increased from 2.6% in October to 2 , 2% in November. In turn, BINE prices fell 0.3%, one tenth more than the previous month.

In inter-monthly terms, the CPI registered a variation rate of 0.5% in November 2017, one tenth higher than the one registered in the same month of 2016. By components, the prices of energy products increased by 2%, against the stabilization of a year earlier; those of the BINE increased 1.4%, one tenth less than in November last year; and those of services and food both decreased 0.2%, a drop higher by one tenth than that of November 2016.

Within the food group, prices of unprocessed foods recorded in November this year an inter-monthly rate of -1% (-0.4% in the same month of 2016), and those of processed foods of 0.2 %, compared to the stabilization a year earlier.

The inflation rate increased in November compared to October in most of the autonomous communities and fell only in La Rioja (two tenths, up to 1.4%). The largest increases, of three tenths, occurred in Galicia (1.8%) and in the Region of Murcia (1.2%). The communities of Catalonia (1.9%), Melilla (1.9%), Balearic Islands (1.8%), Basque Country (1.6%) and Community of Madrid (1.5%) maintained the rate of Inflation of the previous month.

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) for the month of November, whose annual rate is 1.8%, one tenth higher than that of October. On the other hand, the rate advanced by Eurostat for the whole of the euro zone in November is 1.5%, compared to 1.4% in the previous month, maintaining the inflation differential for Spain with respect to the euro zone at 0, 3 percentage points

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