Overview
- INE confirmed headline CPI at 3.1% year on year, up 0.1 points from September and the strongest reading since June 2024.
- Electricity prices jumped 18.7% and transport costs climbed on higher international airfares (+10.5%) and train fares (+17.9%), making housing the fastest-rising group (+7.5%).
- Core inflation rose to 2.5%, its highest since December 2024, signaling persistent underlying pressures beyond volatile energy and fresh food.
- Food showed mixed moves as eggs (+22.5%), coffee (+19.4%), beef (+17.8%) and chocolate (+16.1%) climbed, while olive oil (-41.6%), sugar (-13.5%) and potatoes (-3.4%) fell, which the Economy Ministry says kept overall food prices relatively stable.
- Garbage collection fees rose 30.3% year on year, regional rates varied from 2.6% in Catalonia to 3.6% in the Balearic Islands and Madrid, and CEOE expects inflation to ease toward slightly below 2% in early 2026 as November’s CPI sets pension indexation.