Electricity and gas price drops see inflation fall to 7.3% in Spain

Inflation in Spain has fallen to an interannual rate of 7.3%, according to provisional data released on Friday by the National Statistics Institute.

The drop in the consumer price index is largely driven by decreases in the prices of electricity and gas. 

If confirmed, the latest figure would mean a drop of 1.6 percentage points compared with the previous month, and will be the third consecutive month of inflation easing after it has soared throughout the year. 

The annual rate of change of prices was recorded at 8.9% in September, 10.4% in August, and a year-high of 10.8% in July. 

Apart from the energy factor, October also saw a lower increase in the prices of clothes and shoes ahead of the winter season compared to the same month in 2021. This difference has largely been due to the high temperatures.

The consumer price index for October is now lower than the level recorded in February when the figure stood at 7.6%, just before the outbreak of the war in Ukraine.

Core inflation, which excludes unprocessed food and energy products, remains at 6.2%.