The rise in food and, to a lesser extent, in fuels and lubricants for personal vehicles are behind this upward trend.
The Consumer Price Index (CPI) rose 0.4% in November in relation to the previous month and placed its interannual rate at 5.6%, two tenths more than in October and its highest level in 29 years, due to the rising cost of food and, to a lesser extent, gasoline.
This is clear from the advance of the CPI published this Monday by the National Institute of Statistics (INE), whose data suggest that this rebound occurred despite the drop in electricity prices.
The rise in food prices and, to a lesser extent, that of fuels and lubricants for personal vehicles are behind this upward evolution, since in November 2020 both categories fell.
In contrast, the INE highlights a decrease in electricity prices in November of this year compared to the same month last year.
With the data for November, the highest since September 1992, the interannual CPI chains its eleventh consecutive positive rate.
The INE incorporates in the advance of CPI data an estimate of core inflation (excluding non-processed food and energy products), which increased three tenths in November, to 1.7%, which is almost four points below of the general CPI rate.
Monthly advance
In monthly rate, the CPI chained its fourth consecutive rebound, rising 0.4% in November, 1.4 points below the rise recorded in October and its lowest rise since last July.
In the penultimate month of 2021, the Harmonized Consumer Price Index (HICP) placed its interannual rate at 5.6%, which is two tenths more than in the previous month. For its part, the leading indicator of the IPCA rose 0.3% in monthly rate.
The INE will publish the final CPI data for November on December 15.
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