Food prices remain at historical peaks in Hego Euskal Herria
- Despite the slight decline in inflation in November, underlying inflation has risen to 6.3%. An annual increase of 15.3% in food costs.
On Wednesday, the National Statistical Institute (INE) confirmed the November data: as it announced with advanced data, the level of inflation has dropped from 7.3% to 6.8% last November. Despite being the lowest data since January, Spanish State data are still far from the ceiling set by the European Central Bank (ECB): The estimated limit is 2%. It is also noteworthy that in November the underlying inflation meter rose to 6.3%. Underlying inflation shows a more stable prospective trend by excluding certain variable costs from the measure.
Electricity and petrol prices appear to have fallen in November and, although to a lesser extent, clothing and shoes have been reduced slightly. However, basic food prices are kept at historical peaks. In October, the INE reported that food prices increased more than ever in one year, by 15.4% compared to October last year. It was the largest increase recorded in Spain since 1944. The annual figure for November was 15.3%.
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