Salem Radio Network News Wednesday, February 28, 2024

Business

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

(Reuters) -Spain’s annual inflation rate fell to 3.2% in November as a result of cheaper fuel and tourist packages, preliminary data from the National Statistics Institute (INE) showed on Wednesday.

The 12-month inflation rate was lower than October’s reading of 3.5% and below the 3.7% expected by analysts polled by Reuters.

The drop in inflation bodes well for the country’s overall economy, Economy Minister Nadia Calvino said in a statement.

“Salaries gained purchasing power and Spanish companies competitiveness could increase their market share, despite the international difficult environment,” she said.

Electricity prices as well as food and non-alcoholic beverages prices also contributed to the drop in annual inflation, INE said.

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

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

Spain’s inflation is currently one of the lowest in the eurozone, although it is still above European Central Bank 2% target.

(Reporting by Matteo Allievi, editing by Inti Landauro and Christina Fincher)

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