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4h ago

Spain Inflation Climbs to 3.1% in October, a 16-Month High

The jump is tied to higher electricity and transport costs, raising the estimated pension uplift to about 2.7%.

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Precio de los huevos en un supermercado de Badajoz
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El segmento de bebidas alcohólicas y tabaco ha sido el más afectado, con un encarecimiento interanual del 104,22%

Overview

  • INE confirms headline CPI at 3.1% year on year with core inflation at 2.5%, the highest overall pace since June 2024.
  • The government cites pricier electricity, international flights and rail as key drivers, while INE reports sharp monthly gains in fresh fruit (+9%), eggs (+3.2%) and olive oil (+3.8%) linked to supply strains such as avian flu.
  • Regional divergence persists: Murcia records the lowest rate at 2.2%, Balearic Islands and Madrid lead at 3.6%, and the Canary Islands reach 2.5% after five consecutive monthly increases.
  • The October result lifts Funcas’s estimate for the pension revalorization index to roughly 2.7%, implying about €30.5 more per month for the average pension in Galicia.
  • Internationally, Cuba’s inflation hits 15.4% year on year in October, according to ONEI, underscoring much stronger price pressures there.