The CPI moderates to 6.8% in November, but food prices shoot up 15.3%

Euskaraz irakurri: KPIa % 6.8ra jaitsi da azaroan, elikagaien prezioak % 15.3 garestitu arren

The Consumer price index (CPI) has fallen one tenth in November in relation to the previous month and has cut its interannual rate by half a point, to 6.8%, its lowest figure since January, just before the war was declared in Ukraine, when the CPI stood at 6.1%, according to the final data published this Wednesday by the Statistics National Institute (INE), which coincide with those advanced by the agency at the end of last month.

The data for November is four points lower than the peak reached last Julywhen inflation climbed to 10.8%, its highest level since September 1984.

With the moderation registered in November, inflation adds four consecutive months of decreases in its interannual rate after it fell three tenths in August, to 10.5%, in September it fell 1.6 points, to 8.9%, and in October it fell 1.6 points, to 7.3%.

According to the INE, the moderation of the year-on-year CPI to 6.8% in November is mainly due to the price drop fuel, electricity and diesel for heating and hotels.

The fact that the prices of clothing and footwear, due to the new winter season, have risen less in November of this year than they did in the same month of 2021 also influences the moderation of inflation.

The food prices, for their part, grew by 15.3% in November in the interannual rate, one tenth less than in October. Within foods, those that have risen the most in price in the last year are sugar (50.2%); oils and fats (31.5%); milk (30.9%); eggs (27.1%); cereals (22.9%); dairy products (21.7%) and potatoes (21.5%).