Inflation remains at 3.5% in October

This indicator provides an advance of the CPI which, if confirmed, would mean that the annual rate remains stable, since in the month of September it was also 3.5%.

This behavior highlighted the upward influence of electricity, whose prices fell less than in October 2022.

For its part, the downward influence of fuels, which decreased their prices, and of food and non-alcoholic beverages, which increased their prices less intensely than last year, was also noted.

For its part, the estimated annual variation rate of core inflation (general index without unprocessed food or energy products) decreased six tenths, to 5.2% (the lowest since May 2022, when it stood at 4 .9%).

The Ministry of Economic Affairs and Digital Transformation has highlighted that general inflation remained stable at 3.5% in October "due to the better performance of food and the drop in fuel prices", which offset the base effect derived from the sharp drop in electricity in October 2022.

"Spain is consolidating one of the main economies in the euro zone with lower inflation and greater growth in the entire euro zone. The economic policy measures adopted by the Government are favoring the competitiveness of Spanish companies, the gain in market share and the increase in the purchasing power of salaries," he added.

In monthly terms (October over September), the CPI registered an increase of 0.3%, one tenth more than it rose the previous month. With this rebound, inflation has chained five consecutive months of monthly increases.

In the tenth month of 2023, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 3.5%, two tenths above the rate registered the previous month. For its part, the estimated monthly variation of the IPCA was 0.3%.

The INE will publish the final CPI data for October on November 14.

Controlling inflation in the eurozone as a whole has been the main objective of the European Central Bank in the last two years. At the last meeting, the body led by Christine Lagarde decided to pause rate increases, after ten consecutive increases since July 2022.

This decision came after inflation in the eurozone moderated in September to 4.3% annually, nine tenths less than the previous month and the lowest for two years, in October 2022. The ECB will continue to be very vigilant. in the coming months the evolution of prices and the economy in general to modulate its fiscal policy.