Inflation in Spain
Spain - Harmonized Inflation
Harmonized inflation falls to lowest level since January in October
Harmonized inflation dropped to 7.3% in October, following September’s 9.0%. October's reading represented the weakest inflation rate since January. The moderation was broad-based, with reduced price pressures recorded for clothing and footwear, transportation, and housing and utilities.
The trend pointed up, with annual average harmonized inflation coming in at 8.3% in October (September: 8.2%). Meanwhile, consumer price inflation fell to 7.3% in October, from September’s 8.9%.
Lastly, harmonized consumer prices rose 0.05% in October over the previous month, contrasting the 0.25% decrease seen in September.
Commenting on the release, Wouter Thierie, economist at ING, stated:
“Cooling demand will continue to ease inflationary pressures as it will become more difficult for companies to pass on higher prices to the end customer. Although still historically high, the number of companies planning to raise prices further also shows a downward trend in a wide range of sectors. Price selling expectations only continue to edge higher in food and consumer goods. This shows that inflationary pressures will remain high in the coming months and only very gradually start to ease.”
FocusEconomics panelists expect harmonized inflation to average 7.0% in 2022, which is up 0.3 percentage points from the previous month’s projection. For 2023, panelists expect harmonized inflation to average 3.4%.
Spain - Harmonized Inflation Data
|Inflation Rate (HICP, annual variation in %)||-0.6||-0.3||2.0||1.7||0.8|
5 years of economic forecasts for more than 30 economic indicators.
Spain Harmonized Inflation Chart
Source: National Statistical Institute (INE).
|Bond Yield||0.46||5.62 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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December 1, 2022
Retail sales grew 1.4% year on year in October (September: +0.6% yoy).
December 1, 2022
The current account recorded a EUR 0.4 billion surplus in September, improving from the EUR 0.1 billion deficit clocked in August (September 2021: EUR 1.5 billion surplus).
November 16, 2022
Harmonized inflation dropped to 7.3% in October, following September’s 9.0%.
November 9, 2022
Industrial output expanded 3.6% year-on-year in seasonally and calendar-adjusted terms in September, which was a deterioration from August's 5.2% increase.
November 7, 2022
The S&P Global Composite Purchasing Managers’ (PMI) fell to 48.0 in October from September’s 48.4.