Consumer prices in Spain saw a fourth consecutive monthly increase in October, driven by surging electricity prices. However, core inflation, which excludes energy and some food prices, continued to ease.
According to data released by the Spanish statistics office INE on Monday, consumer prices rose by 3.5% compared to the same month last year, surpassing September’s 3.2% increase.
Economists surveyed by The Wall Street Journal had expected a slightly higher rise of 3.9%.
Meanwhile, core inflation dropped to 5.2% in October, down from 5.8% in September, marking the third consecutive month of decline.
Earlier this year, Spain had experienced a decrease in headline inflation, hitting a low of 1.6% in June. However, prices have been steadily rising again due to the resurgence in energy costs.
INE noted that the increase in electricity prices exerted upward pressure on the trend, with prices dropping less compared to October 2022. On the other hand, fuel prices fell, and the rise in food and nonalcoholic beverage prices was less pronounced than last year.
As the country continues to grapple with rising inflation, it remains to be seen how these price fluctuations will impact the Spanish economy moving forward.