Preliminary data published by the National Statistics Institute (INE) showed that consumer prices fell by 0.1% in November after rising by 0.3% in October. Economists had expected prices to rise by 0.2%. In annual terms, consumer price growth slowed to 6.8% from 7.3% in October. Consensus estimates suggested an increase in CPI by 7.4% per annum. The weaker CPI increase was due to the decrease in fuel prices, which rose in November 2021, and in electricity prices, with a larger decrease than last year. The increase in clothing and footwear prices due to the start of the new season also played a role..
INE also said that the core CPI - excluding unprocessed food and energy - picked up to 6.3% from 6.2% in October.
The data also showed that in November, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Spain with inflation in European countries - fell by 0.5% on a monthly basis and rose by 6.6% per annum. In October, HICP grew by 0.1% and 7.3%, respectively.