Final data published by the National Statistics Institute (INE) showed that in November consumer prices rose by 3.2% per annum (lowest rate since August) after rising by 3.5% per annum in October. The latest increase coincided with economists' forecasts. On a monthly basis, the CPI fell by 0.3%, offsetting the October increase (+0.3%). Consensus estimates suggested a decrease of 0.4%.
INE said that the prices of food and non-alcoholic beverages increased by 9.0% per annum, slowing down compared to October (+9.5% per annum), while the prices of alcoholic beverages and tobacco jumped by 7.1% per annum after an increase of 7.6% per annum in October. Housing and utilities prices fell by 5.7% per annum compared with a decrease of 7.7% per annum in October, while inflation slowed for transport (0.0% vs 1.4%), restaurants and hotels (6.1% vs 6.3%), recreation and culture (2.5% vs 3.8%), furnishings and household equipment (2.7% vs 3.3%), and miscellaneous goods and services (4.2% vs 4.4%).
The core CPI - excluding non-processed food and energy prices - rose by 4.5% per annum (the weakest growth since April 2022) after an increase of 5.2% per annum in October. But the rate remained well above the European Central Bank's target of 2.0%.
The data also showed that in November, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - fell by 0.5% on a monthly basis and rose by 3.3% per annum. In October, HICP grew by 0.3% m/m and by 3.5% per annum.