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Financial News: Spain Inflation Eases As Estimated In October

Spain Inflation Eases As Estimated In October

11/15/2022 - 06:19:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation eased as initially estimated in October to the lowest level in nine months, latest figures from the statistical office INE revealed on Tuesday.

Consumer prices climbed 7.3 percent year-over-year in October, slower than the 8.9 percent rise in September. That was in line with flash data published on October 28.

Moreover, this was the slowest inflation rate since January, when prices had risen 6.1 percent.

The easing trend in inflation was mainly due to a fall in electricity prices and fuel prices compared to last year.

Prices for food and non-alcoholic beverages alone grew 15.4 percent from last year, and transport charges rose 8.8 percent.

Excluding energy and non-processed food, core inflation held steady at 6.2 percent in October, as estimated.

On a monthly basis, consumer prices rebounded 0.3 percent in October, after falling 0.7 percent a month ago. In the initial estimate, the rate of increase was 0.4 percent.

EU harmonized inflation stood at 7.3 percent in October versus 9.0 percent in September. There are no changes compared with the preliminary report.

The harmonized index of consumer prices edged up 0.1 percent monthly in October.

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