Core inflation remains at 6.2%

MADRID, 28 Oct. (EUROPA PRESS) -

The Consumer Price Index (CPI) increased four tenths in October in relation to the previous month and suddenly cut its year-on-year rate by 1.6 points, to 7.3%, its lowest figure since January, just before declaring the war in Ukraine, when the CPI stood at 6.1%, according to advanced data published this Friday by the National Institute of Statistics (INE).

The data for October, which must be confirmed by Statistics in the middle of next month, is 3.5 points lower than the peak reached last July, when inflation climbed to 10.8%, its highest level since September from 1984.

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

According to the INE, the moderation in the year-on-year CPI to 7.3% in October is mainly due to the drop in electricity prices and, to a lesser extent, to lower gas prices.

The moderation in inflation was also influenced by the fact that the prices of clothing and footwear, due to the new autumn-winter season, have risen less in October of this year than they did in the same month of 2021.

THE UNDERLYING REMAINS AT 6.2%

The INE includes in the CPI data preview an estimate of core inflation (excluding unprocessed food and energy products), which remained at 6.2% in October, standing 1.1 points below the general CPI.

In monthly terms (October over September), the IPC registered a rebound of four tenths, its highest monthly rise since last June, when it shot up 1.9%.

In the tenth month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 7.3%, more than one and a half points below that registered in the previous month. For its part, the estimated monthly variation of the IPCA was 0.1%.

The INE will publish the final CPI data for October on November 15.