Final data provided by the National Statistics Institute (INE) showed that in October consumer price growth accelerated to 1.8% per annum, as expected, from 1.5% per annum in September (the lowest value in 3.5 years). The main factors of inflation growth were the housing sector, where the annual change was 4.2%, which is 1.3% higher than in September. This increase was caused by higher electricity and gas prices. Meanwhile, in the transport sector, the annual figure increased by 0.9% to -3.0%, which was caused by an increase in prices for fuel and lubricants for personal transport. The data also showed that on a monthly basis, the CPI rose 0.6%, as expected, after a 0.6% decline in September.
Core CPI - excluding energy and fresh food - rose by 2.5% per year, as expected, after an increase of 2.4% per year in September (the lowest value in 2.5 years). On a monthly basis, the core CPI rose by 0.4% after a 0.4% decline in September.
The data also showed that in October, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - increased by 0.4% compared to September and by 1.8% per annum. In September, HICP fell by 0.1% on a monthly basis and rose by 1.7% per annum.