SPAIN’S inflation rate fell for the first time in six months in November, easing to a 3 per cent year-on-year rise.
The figure, released last week by the National Statistics Institute (INE), represents a one-tenth of a percentage point fall from October, when inflation stood at a yearly rate of 3.1 per cent.
But the level remains significantly higher than the 2 per cent target set by the European Central Bank (ECB) and the EU average of 2.2 per cent.
According to INE, the dip was driven by cheaper electricity – with steep meter prices blamed for October’s rate, which was the highest level recorded in sixteen months.
Overall, the cost of electricity has risen by 11.9 per cent in the past year.
But the news is not all rosy – shoppers buying food in the run-up to Christmas will find higher prices at the checkout till.
The INE says food prices have increased by around 2.8 per cent from November 2024 – four percentage points higher than the previous month.
Strikingly, eggs now cost over 30 per cent more than twelve months ago.
Similarly, the price of beef has gone up by 18 per cent, while a café con leche has also become dearer thanks to a 17 per cent increase in the cost of coffee.
The price of olive oil, on the other hand, has collapsed by over 38 per cent.
Following the data, the government has confirmed that contributory pensions for more than 10.4 million citizens will rise by 2.7 per cent in 2026 – representing an average annual increase of €570 per person.
Click here to read more Spain News from The Olive Press.
