Preliminary data provided by the National Statistics Institute (INE) showed that in December consumer price growth slowed to 3.1% (the lowest level since August) from 3.2% in November. Economists had expected CPI growth of 3.4% per annum. Fuel prices fell at a slower rate than they did a year earlier, while electricity prices rose less steeply on year and food prices were largely stable. The average inflation for 2023 fell to 3.6% from 8.4% in 2022, said the INE, which will confirm the final reading in two weeks.
Core CPI - excluding energy and fresh food - rose by 3.8% per year after an increase of 4.5% per year in November. The December increase was the weakest since March 2022
On a monthly basis, the CPI was unchanged after a 0.3% decline in November. Economists had expected a 0.3% increase.
The data also showed that in December, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - did not change compared to November and rose by 3.3% per annum. In November, HICP fell by 0.5% on a monthly basis and rose by 3.3% per annum. Spain's inflation was one of the lowest in the eurozone, although still exceeding the ECB's 2% target.