November CPI falls for fourth month in a row, despite an underlying rate of 6.3% due to the expensive shopping basket
Inflation will continue to fall by tenths for another month. The leading indicator of the CPI for November stands at 6.8%, half a point less than the previous month, the lowest since January (6.1%), before the outbreak of war in Ukraine and energy and food prices pan out. Data released this Wednesday by the INE indicates that prices today are four points lower than they were in July, when the rate reached its maximum peak (10.8%) since September 1984.
The National Institute of Statistics assures that this drop in CPI is due to moderation in fuel and electricity prices compared to significant increases a year ago. That food prices remain very high is evidenced by the underlying inflation rate, which rose by one-tenth to 6.3% in November, just five-tenths below the overall figure. Experts indicate that this is a major problem for the economy, as the underlying economy is more difficult for governments to slow down and can become chronic.
The data shows that the products that have increased in price the most over the past year are cereals (23%), eggs (27%), milk (31%), oil (31%), potatoes (21%), but the price of sugar stands out, 50% higher than in November last year.
From the Ministry of Economic Affairs, they rate the data for November positively and indicate that inflation has fallen by four points over the past four months, placing Spain “as one of the countries with the fastest and most intense decline in the European Union “. In an assessment sent to the media, they ensure that the reduction in inflation “shows the positive impact of the measures taken by the government to deal with the rise in prices”.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
