The Consumer Price Index fell by 0.3% in November, according to the National Statistics Institute (INE), reaching a year-on-year rate of 3.2%. Core inflation also fell in November, reaching 4.5%, its lowest level since April 2022.
The Consumer Price Index (CPI) fell by three tenths in November, reducing its year-on-year rate to 3.2%, according to data published by the National Statistics Institute (INE). One of the main reasons for this decline was the fall in fuel prices, package holidays and food.
This last section experienced a notable slowdown of 9%. The downward trend in the prices of bread and cereals and of milk, eggs and cheese has also influenced this reduction, the government points out. In addition, meat prices have risen less in November this year compared with the same month last year.
With the moderation of its year-on-year rate in November, inflation once again recorded declines after having remained stable at 3.5% during the previous two months, in September and October, and reached its lowest level since August, when it stood at 2.6%.
Core inflation, which excludes unprocessed food and energy products, fell by 0.7 percentage points in November to 4.5%. This rate is 1.3 points higher than that of the general CPI and is the lowest since April 2022.
In monthly terms, the CPI recorded a fall of 0.3% in November with respect to October, its largest monthly decline since September 2022, when it fell by 0.7%. This decline brings to an end five consecutive months of monthly increases in inflation.
