Core inflation rises one tenth, to 6.3%

MADRID, 29 Nov. (EUROPA PRESS) -

The Consumer Price Index (CPI) fell one tenth in November in relation to the previous month and cut its interannual rate by half a point, to 6.8%, its lowest figure since January, just before the war was declared in Ukraine. when the CPI stood at 6.1%, according to advanced data published this Tuesday by the National Institute of Statistics (INE).

The data for November, which must be confirmed by Statistics in the middle of next month, is four points lower than the peak reached last July, when inflation climbed to 10.8%, its highest level since September 1984. .

With the moderation registered in November, inflation adds four consecutive months of decreases in its interannual rate after falling three tenths in August, up to 10.5%; in September it fell 1.6 points, to 8.9%, and in October it fell 1.6 points, to 7.3%.

According to the INE, the moderation in the year-on-year CPI to 6.8% in November is mainly due to the drop in fuel and electricity prices.

The fact that the prices of clothing and footwear, due to the new winter season, have risen less in November of this year than they did in the same month of 2021 also influences the moderation of inflation.

The INE includes an estimate of core inflation in the CPI data preview (excluding unprocessed food and energy products), which in November rose one tenth, to 6.3%, standing five tenths below the general CPI.

This rebound in the underlying comes after having been at 6.2% for two consecutive months.

In monthly terms (November over October), the CPI registered a decrease of one tenth, compared to increases of 0.3% in the previous month and a year earlier.

In the penultimate month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 6.6%, seven tenths below that registered in the previous month. For its part, the estimated monthly variation of the IPCA was -0.5%.

The INE will publish the final CPI data for November on December 14.