Inflation moderates to 7.3% for electricity and gas with food on the rise
Inflation moderated in October to 7.3% in the annual rate thanks to the behavior of electricity and gas prices. The National Institute of Statistics (INE) has confirmed this Tuesday the data that advanced at the end of last month and that represents a monthly drop in the CPI of 1.6 points, one of the largest in the entire historical series.
The moderation of prices in Spain contrasts with the data at a European level. Inflation would have reached a ceiling of 10.7% in October, its highest level since the euro came into circulation, due to the increase in energy prices and despite the fact that the European Central Bank has already applied its third consecutive rise in prices. interest rates (of 0.75 basis points) until the reference rates are at 2%, their highest level since the 2009 crisis. This is so because the effects of the tightening of monetary policy are not perceived immediately, but rather that there is a period of several months of lag until this happens. In this context, Spain is the second country in the Union of Twenty-seven (just behind France) with the lowest inflation rate and with a record difference compared to the euro area, which benefits competitiveness.
Sources from the Ministry of Economy stress that the data shows how the Government’s plan to moderate inflation works. “Despite the uncertainty, the forecasts suggest that the downward path will continue in 2023,” they say. The country is bending the price curve. Since the annual rate of the CPI peaked in July (10.8%), inflation has fallen by a third, thanks to measures such as the Iberian mechanism, the discount on public transport or the reduction of taxes on the gas bill and electricity, as well as the drop in energy prices in international markets.
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