Fuel prices have moderated in recent months. / j. lusa

Food prices rise by 15% in Spain but inflation is down thanks to cheaper electricity

The Consumer Price Index for November has dropped for the fourth consecutive month but core inflation rate is still high at 6.3% and a cause for concern


Inflation has dropped slightly again in Spain. The Consumer Price Index in November was 6.8%, half a point down on the October figure and the lowest since January (6.1%) before the war in Ukraine began and prices of energy and foods shot up.

The information released by the National Institute of Statistics (INE) today Wednesday, 14 December, shows that prices today are four points lower than in July, when inflation reached the highest peak (10.8%) since September 1984.

According to the INE, the reduction is due to a moderation in fuel and electricity prices. Energy products have dropped by 4.6% since October and are even 1.5% lower than a year ago.

Core inflation, a major problem for the economy

The question now is how to reduce core inflation, which is the rate without energy products or fresh foods being taken into account, as this is currently 6.3%. Experts say this is a major problem for the economy, because it is more complicated to reduce. Food prices have risen by 15.3% in a year and that is responsible for it remaining so high.

The foods which have increased most in price since November 2021 are sugar, which has gone up by 50.2%, vegetable oil (31.5%), milk (31%), eggs (27%), cereales (23%) and potatoes (21.5%).

Sources at the Ministry of Economic Affairs say the inflation figure for November is positive and that it has reduced by four points in the past four months, one of the fastest reductions in the EU. In a statement issued to the media, the Ministry said this showed that the measures put into effect by the government are working.