The consumer price index rose three-tenths in October to 1.8%.

The National Institute of Statistics (INE) has published the final consumer price index (CPI) data for October. According to these data andl The consumer price index increased by 0.6% compared to the previous month.raising his interannual rate by three tenths, reaching 1.8%. This rebound is mainly due to rising fuel prices, as well as rising electricity and gas prices, in contrast to the downward trend observed in October 2023.

The housing sector was one of the main drivers of this growth, lifting the year-on-year rate by 1.3 points, bringing it to 4.2%. This increase is due to higher costs of electricity and gas. On the other hand, the transport group recorded an interannual figure of -3%, which is nine tenths more than in September, due to rising prices for fuels and lubricants for personal transport.

After four consecutive months of decline, inflation is resuming its upward path. Despite this recovery, the Ministry of Economy, Trade and Business emphasizes that inflation remains below the 2% benchmark set by the European Central Bank (ECB).

Core inflation, which excludes unprocessed food and energy items, rose by a tenth in October to 2.5%.seven-tenths higher than the general rate.

Additional information about monthly increases

On a monthly basis, the consumer price index rose 0.6% from the previous month, the biggest monthly increase since April.

An 8.5% increase in prices in the clothing and footwear group is due to the beginning of the autumn-winter season. Similarly, food prices rose 1.4%, driven by rising costs of fruits, pulses and vegetables.

Harmonized CPI and future forecasts

The Harmonized Index of Consumer Prices (HICP) also increased by a tenth in October to 1.8%, up 0.4% month-on-month. These data reflect a rising consumer price trend that could have implications for the economy in the coming months.