Inflation moderated three-tenths in November to 3.2%

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Inflation moderated three-tenths in November to 3.2%

The consumer price index (CPI) stood at 3.2% year-on-year in November, three tenths lower than in October, according to advanced data published today by the National Institute of Statistics (INE). Core inflation fell by seven-tenths, to the lowest in April 2022.

The Consumer Price Index (CPI), the main indicator of inflation, again moderated the interannual rate according to the data provided by the INE, which cannot be confirmed until the middle of next month, and confirms the strengthening -on prices in the last quarter of the year.

Last month it stabilized at 3.5%, the same percentage that closed in September, boosted by electricity and lower fuel, but with food inflation still anchored at 9.5%. Food prices moderated in the penultimate month of the year, giving relief to consumers’ pockets.

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This month, the indicator was lowered by cheaper fuel and tourist packages, whose prices fell more strongly than a year ago, and by a more moderate increase in the cost of food.

The CPI stabilized in October at 3.5% after three months of increases, but in November it fell again for the first time since June. However, this drop would have been greater if not for electricity, which once again suffered the impact of the measure and once again registered a less pronounced drop than a year ago.

The underlying rate – which does not take into account unprocessed food or energy products – fell seven tenths to 4.5%, seven tenths lower than last month, the lowest since April 2022 and 1.3 points away -on from the overall CPI.

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