CPI developments in November: full analysis

The overall Consumer Price Index (CPI) registered an annual rate of 2.4% in November, an increase of six tenths of a percentage point from the previous month.

Main factors driving the annual rate:

Housing:

• Annual change of 7.4%, up 3.2 points from October.
• This increase is mainly due to the rise in electricity prices, in contrast to the drop experienced in November 2023.

Transport:

• Annual rate of -1.0%, up 2 points.
• This responds to the rise in fuel and lubricants prices for personal vehicles, as opposed to the decline recorded in the same month last year.

Core inflation:

The index excluding unprocessed food and energy products also stood at 2.4%, down 1 tenth from October.

Monthly price developments

On a monthly basis, the overall CPI showed a change of 0.2%.

Groups with the greatest positive impact:

• Housing:Up by 1.6%, with an impact of 0.196 points, due to higher electricity prices.
• Clothing and footwear: Increased by 4.2%, reflecting the final effects of the onset of the winter season, with an impact of 0.157 points.
  Groups with negative impact:
• Leisure and culture: -1.5% change, explained by the fall in package tour prices, with an impact of -0.127 points.

Results by Autonomous Community

In November, all Autonomous Communities registered positive annual rates:

• País Vasco stood out with the highest rate (2.9%).
• Castilla-La Mancha had the lowest rate (2.0%).

Harmonised Index of Consumer Prices (HICP)

The HICP registered an annual rate of 2.4%, which represents an increase of six tenths of a percentage point compared with October. In monthly terms, its change was 0.0%.

This analysis details the evolution of consumer prices, highlighting the factors that most influence their behaviour and the regional differences in Spain.

More information at INE