Inflation moderates to 3.2% in November and food to 9%

The Consumer Price Index (CPI) fell 0.3% in November from the previous month and reduced its year-on-year rate by three tenths, to 3.2%, due to lower fuel prices , tourist packages and food, which moderated their growth by half. one point, at 9%.

This development is due, according to statistics, to the fall in prices of bread and cereals and of milk, eggs and cheese, since meat prices increased less in November this year than they had made in the same month of 2022.

On the other hand, the prices of legumes and vegetables increased during the penultimate month of the year, according to final IPC data published this Thursday by the National Institute of Statistics (INE), which confirms the progress made at the end of last month and also the increase that contributory pensions will experience in 2024, of 3.8%, due to average inflation until November.

With the moderation of its interannual rate in November, inflation recorded declines again after having remained anchored at 3.5% over the last two months and fell to its lowest level since last August, when it stood at 2.6%.

Core inflation (excluding unprocessed food and energy products) fell by seven tenths in November, to 4.5%, a rate 1.3 points higher than the headline CPI and the lowest since April 2022 , where it stood at 4.4%.

The Ministry of the Economy stressed in a press release that “thanks to the political measures adopted by the government, general inflation maintains its downward trajectory throughout the year, allowing wages to continue to gain purchasing power and Spanish companies to have greater competitiveness by increasing their market share.” , even in the complex international context.

In monthly terms (November vs. October), the CPI recorded a decline of 0.3%, its largest monthly decline since September 2022, when it fell 0.7%. With this drop, inflation puts an end to five consecutive months of monthly increases.

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