According to preliminary estimates, Spain's annual inflation rate climbed to 1.8% in October 2024, up from a 3.5-year low of 1.5% in September, aligning with market expectations.
Spain’s inflation hits 1.8% in October
The increase was primarily driven by higher fuel costs, with electricity and gas prices contributing moderately after a drop in October 2023. The core inflation rate, excluding volatile food and energy prices, increased to 2.5% from a 2.5-year low of 2.4% in September.
Consumer prices up 0.6% MoM, EU-harmonized CPI matches forecast at 1.8% YoY
Month-over-month, consumer prices rose by 0.6% above the 0.5% forecast. The EU-harmonized CPI also rose by 1.8% year-on-year and 0.4% month-on-month, matching market expectations.
