Prices Rose 2.3% in October
The annual CPI rate has been growing for more than 2% for six consecutive months, the objective of the ECB.
Prices rose by 2.3% in October compared to the previous year due to higher transportation costs -particularly due to the increase in fuels and lubricants, which registered annual highs- but also, although to a lesser extent, due to leisure and culture . In this way, the annual variation rate of the CPI remained at 2.3% for the second consecutive month.
In addition to gasoline, prices increased because the game leisure and culture, which had lowered its prices a year earlier, kept them on this occasion. This is explained, according to the INE, because the tourism packages decreased last month less than they did in October 2017.
On the other side are the communications -according to Statistics, the prices of telephony and fax services fell in October more than they did last year- and in housing. At this point we must point out the decrease in electricity, which increased a year ago, and the rise in gas.
Inflation, six months above 2%
With the data published by the National Institute of Statistics (INE), which ratifies the advance on October 30, the inflation rate adds 26 consecutive months in positive, the last six growing above 2%, the target is marked the European Central Bank (ECB).
The annual CPI rate remained at 2.2% in July and August, but in September and October it has rebounded to 2.3%, the same figure as in June, which puts prices at maximum since April. 2017
Core inflation, which does not include the prices of energy products or unprocessed foods, increased two tenths, to 1%, which was almost one and a half points below the general CPI.
Meanwhile, the Harmonized Index of Consumer Prices (HICP) -the one used to compare with other European countries- placed its annual rate at 2.3%, the same as in September and one tenth higher than that of the euro area. .