The Consumer Price Index (CPI) fell by 0.3% in November compared to the previous month and cut its year-on-year rate by three tenths, to 3.2%, due to the fall in the price of fuel, tourist packages and food, which moderated their growth by half a point, to 9%.

This evolution is due, according to Statistics, to the drop in the prices of bread and cereals and milk, eggs and cheese, and to the fact that meat prices rose less in November this year than they did in the same month of 2022.

On the other hand, legumes and vegetables rose in price in the penultimate month of the year, according to the final CPI data published on Thursday by the National Institute of Statistics (INE), which confirms the advances made at the end of last month and also the rise that contributory pensions will experience in 2024, of 3.8%. as a result of the average inflation through November.

With the moderation of its year-on-year rate in November, inflation is once again falling after having remained anchored at 3.5% for the last two months and falls to its lowest level since last August, when it stood at 2.6%.

Core inflation (excluding unprocessed food and energy products) fell by seven tenths of a percentage point in November, to 4.5%, a rate 1.3 points higher than that of the headline CPI and the lowest since April 2022, when it stood at 4.4%.

The Ministry of Economy has stressed in a statement that, "thanks to the policy measures adopted by the Government, headline inflation maintains its downward path throughout the year, allowing wages to continue to gain purchasing power and Spanish companies to become more competitive by increasing their market share, even in the complex international context".

In monthly terms (November over October), the CPI registered a decrease of 0.3%, its largest monthly decline since September 2022, when it fell by 0.7%. With this drop, inflation puts an end to five consecutive months of monthly increases.