Spain’s Inflation Rate Falls To 7% Due To Drop In Electricity And Gas
Spain News
Published: 16 November 2022 15:46 CET
Spain's rate of inflation fell in October to 7.3% thanks to a fall in the price of gas and electricity, the latest data from the country’s National Statistics Institute (INE) showed on Tuesday.
It is the third successive month that the Consumer Price Index has fallen, and down 3.5 points from the high of 10.8% which was registered in July. The rate was also 1.6 points lower than in September when it stood at 8.9%.
Although the fall was mainly due to the decrease in the price of gas and electricity, there were other factors that helped to lower the CPI.
The cost of housing fell 11.5 points to 2.6% due to the fall in electricity and gas compared to the rise in October 2021.
There was also a fall in the cost of clothing and footwear at 1.4% down 2.5 points on the previous month, which the INE said was due to the entry of the new season.
When removing volatile food and energy prices, core inflation over the past 12 months was up 6.2%.
Despite the fall, food prices have continued to rise with groceries up 15.4% in October, the biggest rise since 1994.
The foods that have risen in price the most over the last year are Sugar (+42.8%), fresh vegetables (+25.7%); eggs (+25.5%), milk (+25%); oils and fats (+23.9%), and cereals (+22.1%).
On a positive note, Minister of Economic Affairs Nadia Calvino said that inflation should remain at around 7% up until the end of the year and that inflation should fall further in 2023.
Source
https://spanishnewstoday.com/inflation_in_spain_plummets_to_7_per_cent_due_to_drop_in_electricity_and_gas_1894086-a.html
https://thecorner.eu/news-spain/spain-economy/cpi-falls-to-7-3-in-october-with-food-up-15/103502/
https://www.reuters.com/markets/europe/spains-12-month-inflation-down-73-october-2022-11-15/
