The general rate of inflation moderated again in November thanks to energy prices, while food remained at record levels of growth. This is the trend that the consumer price index (CPI) has been showing since July and that was confirmed again in November. According to data published this Wednesday by the National Institute of Statistics, inflation fell in November for the fourth consecutive month, to 6.8%, five tenths below the rate of 7.3% recorded in October and far from the peak of the 10.8% marked in July, as anticipated by the INE itself 14 days ago. At the same time, however, the rise in the price of the group of food and non-alcoholic beverages it accelerated to 15.3%, barely one tenth less than the record variation of 15.4% shown in October.
If non-alcoholic beverages are excluded, food recorded a rise of 15.7% in November, one tenth below the 15.8% in October. In particular, the new monthly increases in the prices of the milk (5.5%), eggs (2.2%) and oils and fats (6.4%). Thus, milk increases its price in one year to 30.9%, while that of eggs reaches 27.1% and that of oils and fat, 31.5%. The chicken meat records an annual rise of 16.6% and that of beef, of 13.2%. The new monthly increase in potatoes, makes them 21.5% more expensive in November than a year ago. Conversely, the prices of the fresh fruit they fell 4.6% compared to November, which leaves their annual increase at 9.2%. It also noted a monthly cut, of 8.3%, the price of legumes and fresh vegetables which leaves its increase at 14.6% compared to November of last year.
Electricity, gas and fuel
The data published this Wednesday by the INE confirm that the CPI fell by 0.1% in the monthly rate, compared to the month of October, which leaves the annual inflation rate at 6.8%. This evolution is mainly due to the drop in fuel prices, which rose in November 2021, and electricity, with a greater decrease than last year. It also has an influence, although to a lesser extent, the increase in prices for the new season of dress and footwearmore moderate than in 2021. From the point of view of the Government, in addition, the positive behavior of inflation has to do with theThe measures adopted by the Executive to contain energy prices, such as tax cuts and a bonus of 20 cents per liter of fuel.
In November, the prices of the electricity fell again for the third consecutive month compared to the previous month (-14.6%), so that the electric rate rIt was 22.4% cheaper than a year before. The prices of gas they did not vary with respect to October, and were 10.6% more expensive than in November 2021. Among fuels, a disparate behavior was observed between diesel oil (despite the monthly decrease of 2.5%, its prices are 18.9% more expensive than a year ago) and the gasoline (monthly increase of 1.2%, but almost at the same price as a year ago, with a slight increase of 0.4%).
Inflation of 6.8% in the month of November leaves the CPI measurement for the last twelve months at 8.458% and determines that Social Security pensions will rise 8.5% in 2023, in line with what had already been provided by the Government in the State Budget project, still in parliamentary processing.
Core inflation (which excludes the more volatile prices of energy and unprocessed food) rose one tenth, to 6.3%.
monthly data
The group with the greatest negative monthly impact on the monthly CPI rate was housing, which presented a variation of –3.5%, as a result of the drop in electricity prices and, to a lesser extent, diesel for heating. The impact of this group on the overall CPI is –0.466.
For its part, the hotels, cafes and restaurants group posted a monthly variation of –0.3%, mainly caused by the decrease in the prices of accommodation services.
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Conversely, the clothing and footwear group registered a rise of 3.3% that has to do with the start of the autumn-winter season. Food, for its part, rose 0.5% compared to the month of October.
harmonized CPI
The INE has also published the harmonized CPI rate, which stood at 6.7% in November (one tenth below the general rate of 6.8%) and which makes Spain the euro zone partner with the lowest inflation. According to data advanced by Eurostat on November 30, inflation in the euro zone fell to 10%, from 10.6% in October. In November, Spanish inflation at the harmonized rate was 6.6%, while that of France, the country with the lowest price growth to date, stood at 7.1%. Then there are Malta (7.2%), Luxembourg (7.3%), Cyprus (8.3%) and Ireland, Greece and Finland (all three with 9%). Above double digits remain Portugal (10.3%), Belgium (10.5%), Slovenia (10.8%), Austria (11.1%), the Netherlands (11.2%), Germany (11.3%), Italy (12.5%) and Slovakia (15.1%).