Spain (6.7%) recorded the least intense rise in prices among the Twenty-seven

MADRID, 16 Dic. (EUROPA PRESS) -

Year-on-year inflation in the euro area stood at 10.1% in November, which implies a drop compared to the historical record of 10.6% registered in October, the first slowdown in its rise in 17 months, although the correction was a tenth less intense than initially anticipated by the community statistical office, Eurostat, which points to Spain as the EU country where prices rose less intensely, with 6.7%.

For its part, in the EU as a whole, the year-on-year inflation rate slowed in November to 11.1% from the 11.5% registered in October.

The inflation reading in November for the euro area represents the first sign of moderation in the rise in prices that began in the summer of 2021 and the largest downward correction of the inflationary momentum since August 2020, thus showing the European Central Bank (ECB) ) the first signs of the effect of the change in its monetary policy.

In its meeting yesterday, the issuing institution of the euro area raised rates by 50 basis points, up to 2.5%, and the president of the ECB, Christine Lagarde, announced that more increases of this intensity will be undertaken "during a period of weather".

In November, the rise in energy prices moderated in the euro zone to 34.9% from 41.5% in October, while the price of fresh food was 13.8%, compared to 15, 5% of the previous month.

Likewise, services rose 4.2% year-on-year, one tenth less than in October, and non-energy industrial goods became more expensive by 6.1%, in line with the data for the previous month.

By excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro area stood at 7% in November, one tenth above the rise in October, while also excluding the effect of energy prices fresh food, alcohol and tobacco, the core inflation rate remained at the all-time high of 5% for the second consecutive month.

Among the EU countries, year-on-year inflation fell in November in 16 Member States, remained stable in three and increased in eight.

The lowest annual rates are registered in Spain (6.7%), France (7.1%) and Malta (7.2%). In contrast, the most intense price increases were observed in Hungary (23.1%), Latvia (21.7%), Estonia and Lithuania (both 21.4%).

Thus, the favorable price differential for Spain with respect to the euro area was 3.4 percentage points and 4.4 points in relation to the average of the Twenty-seven.

Compared to other major world economies, in November the inflation rate in the United States moderated to 7.1%, which represents a decrease of six tenths compared to the data for October and the smallest price increase in all of 2022.

Likewise, in the United Kingdom, year-on-year inflation in November was 10.7%, compared to the 11.1% registered in October, when it registered the highest price increase since 1981.

According to the latest ECB forecasts, prices will rise by an average of 8.4% in 2022 in the euro area, three tenths more than expected in September, with core inflation of 3.9%.

Next year, inflation will only moderate to 6.3%, when previously they anticipated 5.5%, with an underlying rate of 4.2%, while in 2024 it will be 3.4%, compared to 2.3 % expected in September, and core inflation will be 2.8%.

Likewise, in its first forecasts for 2025, the ECB considers that the headline inflation rate will be 2.3%, still above its target, with an underlying rate of 2.4%.