The consumer price index rose six-tenths in November to 2.4%, led by fuel and electricity.

He Consumer Price Index (CPI) rose 0.2% in November compared to the previous month and raised the interannual rate by six tenths, to 2.4%, according to data published this Thursday by the National Institute of Statistics (INE).

The organization explained that the increase in the consumer price index to 2.4% was due to rising fuel prices and rising electricity prices, compared to the decline they experienced in November 2023.

With the increase in the interannual CPI in the penultimate month of the year, Inflation has held back growth for two months in a row

and reaches its highest level since July, when it was 2.8%.

He Ministry of Economy, Trade and Business attributed the increase in interannual CPI to 2.4% to the base effect caused by electricity and fuel prices.

The department headed by Carlos Bodie emphasized that Average inflation over the past 12 months was 2.8%.“maintaining a downward trajectory from the peak reached in 2022.” In particular, it is reduced by one point compared to last year’s average and almost three times lower than the 2022 figure.

“This reduction demonstrates the effectiveness economic policy measures implemented, allowing for higher growth rates to be consistent among the major euro area economies and to continue to reduce inflation on a sustained basis,” Economía said.

The base rate fell to 2.4%.

INE includes an estimate in its preview of CPI data core inflation (excluding unprocessed food and energy), which fell a tenth in November to 2.4%, matching the overall figure.

On a monthly basis (November compared to October), the consumer price index increased by 0.2% compared to the previous month, which is four tenths less than in October. For my part, Harmonized CPI (IPCA) rose six-tenths in November to 2.4% and remained unchanged on a monthly basis.

INE will publish final data November CPI on December 13.