La sagrada familia in Spain

Spain Inflation November 2023

Spain: Harmonized inflation drops in November

Harmonized inflation fell to 3.3% in November from October’s 3.5%. Softer increases in prices for food and non-alcoholic beverages, and recreation and culture were mainly behind the deceleration.

The trend declined, with annual average harmonized inflation coming in at 3.6% in November (October: 3.9%). Meanwhile, core inflation fell to 4.5% in November from 5.2% in October, marking the lowest print since April 2022.

Lastly, harmonized consumer prices fall 0.53% in November over the previous month, following the 0.26% increase seen in the previous month.

Commenting on the outlook, ING’s Wouter Thierie stated:

“In 2024, the disinflation process will continue. While headline inflation is expected to rise temporarily in the winter months, the disinflation process will intensify further next year, helped by slowing economic momentum. […] Moreover, Prime Minister Pedro Sanchez, who recently started his third term, has already announced the adoption or extension of several ani-inflationary measures.”

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