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Spain Inflation Steady At 3.5%

Spain consumer price inflation held steady in October as the upward influence of electricity was offset by the fall in fuel cost and slower growth in food prices, the flash estimate released by the statistical office INE showed on Monday.

The consumer price index posted an annual increase of 3.5 percent in October, the same rate as seen in September. Prices were forecast to gain 3.8 percent. The 3.5 percent was the highest since April.

At the same time, underlying inflation that excludes non-processed food and energy, softened to 5.2 percent from 5.8 percent a month ago. This was the slowest since May 2022.

Meanwhile, EU harmonized inflation accelerated to 3.5 percent from 3.3 percent in September. But this was weaker than economists’ forecast of 3.7 percent.

On a monthly basis, consumer prices gained 0.3 percent, accelerating from 0.2 percent in September. On the other hand, the rise in the harmonized index of consumer prices halved to 0.3 percent from 0.6 percent.

Final data for October is due on November 14.

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