Preliminary data provided by the National Statistics Institute (INE) showed that in October consumer price growth accelerated to 1.8% per annum, as expected, from 1.5% per annum in September. This evolution is mainly due to higher fuel prices, and also, albeit to a lesser extent, to higher electricity and gas prices, which fell in October 2023.
Core CPI - excluding energy and fresh food - rose by 2.5% per year, as expected, after an increase of 2.4% per year in September.
On a monthly basis, the CPI rose 0.6% after falling by 0.6% in September. It was the strongest increase since April. Economists expected a 0.5% increase.
The data also showed that in October, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - increased by 0.4% compared to September and by 1.8% per annum. Economists also expected an increase of 0.4% and 1.8%, respectively. In September, HICP fell by 0.1% on a monthly basis and rose by 1.7% per annum.