CdM| The Consumer Price Index cut its year-on-year rate by three tenths to 3.2% (compared to the 3.6% expected), thanks to lower fuel and package holiday prices, and a less pronounced rise in those of food, than that experienced a year earlier, Europa Press reported yesterday, according to data released by the National Statistics Institute (INE). On the other hand, electricity prices fell less than they did in November 2022.
With the moderation of its year-on-year rate in November, inflation once again recorded decreases after having remained anchored at 3.5% for the last two months and fell to its lowest level since last August, when it stood at 2.6%.
The INE includes in the advance CPI data an estimate of core inflation (without unprocessed food and energy products), which in November fell seven tenths to 4.5% (compared with the 5% expected), a rate 1.3 points higher than that of the general CPI from 1.7 points in October, and the lowest since April 2022, when it stood at 4.4%. The reduction in energy costs (oil and gas) so far in November should be contributing to this convergence.
