Spain’s 12-month inflation fell to 3.2% in November

People walk past a shop displaying Black Friday sales signs, during Black Friday in Ronda, Spain Nov 24, 2023. REUTERS/Jon Nazca/File photo

Spain’s 12-month inflation rate fell to 3.2 percent in November, preliminary data from the National Statistics Institute (INE) showed on Wednesday.

The 12-month inflation was lower than the 3.5 percent rate in October and lower than the 3.7 percent expected by analysts polled by Reuters.

Core inflation, which strips out volatile fresh food and energy prices, was 4.5 percent year-on-year, the slowest rate since 4.4 percent the 12 months through April 2022, the INE data showed.

Spain’s European Union-harmonized 12-month inflation was 3.2 percent, down from 3.5 percent in October and below the 3.7 percent expected by analysts polled by Reuters.