Prices maintain a 0.8% decrease in November due to the rebound in electricity and the drop in food


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Prices fell 0.8% in November in the interannual rate, the same decrease as that registered in October, linking eight months with the annual evolution of the CPI in negative, according to the data confirmed this Friday by the National Institute of Statistics (INE) .

In this evolution has influenced, on the one hand, the increase in electricity prices compared to the drops of a year ago and, on the other, the decline in fruit prices, greater this year than in 2019, and the stabilization of other products, such as fish and shellfish.

According to the INE, the drop in prices in the housing section, where electricity is included, was 2.2% in November compared to the 3.6% decrease registered in the annual rate in October.

A variation that reflects the rebound in electricity prices and, to a lesser extent, heating oil, compared to the drops in November 2019.

Likewise, the rise in food and non-alcoholic beverages moderated to 1.3% due to the decrease in fruit prices, higher this year than in 2019.

The stability of the prices of fish and shellfish and the decrease in the prices of legumes and vegetables, which increased last year, also influenced, although to a lesser extent.

In leisure and culture, with a 0.9% decrease, the prices of tourist packages weighed, which fell more this November than last year.

These are two groups, food and leisure, which have been reflecting in recent months the changes in consumption and leisure patterns due to the impact of the pandemic.

The data for November entails linking eight months with the annual evolution of the CPI in negative after the outbreak of the covid-19 in March that caused the energy components to fall sharply, with special relevance in this indicator.

Thus, in April, the CPI registered a -0.7% annual rate, which fell to -0.9% in May. In June the fall moderated to 0.3% to go to 0.6% in July, 0.5% in August, 0.4% in September and deepened to 0.8% in October.

Back to the data for November, and in monthly variation, the CPI rose 0.2% compared to October.

In this monthly comparison, the evolution of clothing and footwear weighed, with an increase of 4.8% due to the winter season, and that of housing, with an increase of 1.1% due to this increase in electricity prices.

On the other hand, the prices of food and non-alcoholic beverages fell 0.9%, and those of the hotels, cafes and restaurants group fell 0.5%. The prices in leisure and culture also fell half a point in the monthly rate.

By communities, the annual rate of the CPI decreased by eight in November compared to October, remained at five and increased by four.

Regarding core inflation – excluding non-processed food and energy products – the annual rate fell one tenth in November, to 0.2%, one point above the general CPI.

And the harmonized index (IPCA) – which provides a common measure of inflation for international comparisons – stood at -0.8% in November, one tenth above the previous month. The monthly variation of the IPCA was 0.1%.

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