Prices in October registered the highest year-on-year increase since 1992, 5.5%

Behind this rise in inflation is the rising cost of electricity. In monthly terms, prices increased in October by 2% compared to September, which added three consecutive months to the rise.

Prices continued their climb in October, driven by rising electricity and fuel prices, until increasing a 5,5 % compared to the same month of 2020, a rebound one and a half points higher than that of September (4%) and highest rate since 1992.

On monthly terms, prices increased in October by 2 % compared to September, which added three consecutive months to the rise.

The National Institute of Statistics (INE) has published this Thursday the October consumer price index (CPI) advance, a fact that, if confirmed on November 12, would consolidate the acceleration of inflation (tenth consecutive positive rate) in recent months, more and more intense.

Behind this upturn in inflation is the rising cost of electricity and, to a lesser extent, fuel and lubricants for personal vehicles, which became cheaper in October last year.

The price of energy carries a unstoppable rise in Spain, with a price of more than 200 euros per megawatt hour in the wholesale market in the last twenty days, as an example, today the price is 205.5 euros, almost five times more than the same day of October of the previous year.

Behind this increase are the high prices of gas in international markets and of carbon dioxide (CO2) emission rights, which during 2021 mark all-time highs every month.

The Underlying inflation, which does not take into account unprocessed food and energy products as they are the most volatile, stood at 1.4% in October, four tenths above that of September and more than four points below the general CPI, the largest difference between the two data since the start of the series in 1986.

The harmonized consumer price index (HICP), which measures price developments using the same method throughout the euro area, stood at 5.5% year-on-year, one and a half points more than in September, and in the 1.7% monthly.

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