In December, inflation in Spain saw a slight moderation of one-tenth of a percentage point, bringing the national rate to 3.1%. This moderation can be primarily attributed to the behavior of food and non-alcoholic beverage prices, which increased by 7.3%, marking a decrease of 1.7 points compared to the previous month. However, it’s worth noting that the Canary Islands had the highest inflation rate among the regions, at 3.8%.
The National Statistics Institute (INE) confirmed these inflation figures on Friday, aligning with the preliminary data released two weeks earlier. Additionally, the core inflation rate, which excludes energy and fresh food, experienced a notable drop of 0.7 points, settling at 3.8%, marking the lowest rate since April 2022.
The price movements in the food sector are influenced by various factors, including the fact that items like milk, eggs, cheese, bread, and cereals, as well as meat, saw smaller price increases in December compared to the same month in 2022. Furthermore, pulses and vegetables experienced price declines compared to the previous year’s increases for the same period.
