The flash estimates from the Instituto Nacional de Estadística (INE)
revealed on Thursday that Spain’s consumer price index (CPI) increased 0.2 per cent
m-o-m in November after climbing 0.6 per cent m-o-m in the previous month.
On a y-o-y basis, Spain’s CPI rose 2.4 per cent in November, following
a 1.8 per cent gain in October. This represented the highest annual inflation
rate since July (2.8 per cent). Economists had forecast an annual CPI rate of 2.4
per cent.
According to the report, a y-o-y increase in the headline CPI reflected higher
electricity and fuel prices, compared with the decline in November 2023.
Meanwhile, the harmonized index of consumer prices for Spain (HICP),
which is calculated for European purposes, was flat m-o-m but advanced 2.4 per cent
y-o-y. Economists had expected HICP would increase 0.2 per cent m-o-m and 2.4 percent
y-o-y in November.