Spain: Annual inflation moderates to 6.8% in the preliminary reading for November, below the 7.4% expected

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The The Consumer Price Index (CPI) of Spain has fallen five tenths in the preliminary reading for November, standing at 6.8% from 7.3% in October, its lowest level in the last ten months. The result improves market forecasts, which expected a rise to 7.4%.

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 influences, although to a lesser extent, the increase in the prices of the new season of clothing and footwear, more moderate than in 2021, according to the National Institute of Statistics (INE).

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The monthly inflation has fallen four tenths, reaching -0.1% from +0.3% previously, well below the +0.9% estimate.

The estimated annual variation rate of subjacent inflation (general index without unprocessed food and energy products) increases one tenth, up to 6.3%.

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In the month of November the rate of estimated annual variation of the harmonized CPI stands at 6.6%, seven tenths lower than that registered the previous month. For its part, the estimated monthly variation of the IPCA is –0.5%.

Source: Fx Street

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