Inflation easing as Christmas approaches.

Inflation easing as Christmas approaches. | Majorca Daily Bulletin reporter

Palma15/11/2022 12:07
TW
0

Spanish consumer prices rose 7.3% year-on-year in October, down from 8.9% in the period through September, final data released by the National Statistics Institute showed today.

Analysts polled by Reuters saw the 12-month inflation through October at 7.3%, the same as the flash estimate released two weeks ago.

Core inflation, which strips out volatile food and energy prices, was 6.2% year-on-year, the same level as a month earlier.

The 12-month European Union-harmonised price stood at 7.3%, the same as the INE's previous estimate two weeks ago.

Spanish Economy Minister Nadia Calvino said "everything points out" that the country's gross domestic product in 2022 will grow above the 4.4% rate predicted in the government's latest outlook.

Spain in October raised its gross domestic product growth outlook for 2022 to 4.4%, from a previous expectation of 4.3% and lowered the outlook for 2023.