The brutal spiral in energy prices is causing inflation to skyrocket to levels not seen nearly 30 years ago. The Consumer Price Index (CPI) rose 2% in October compared to the previous month and shot up its interannual rate to 5.5%, which is 1.5 points above the September rate and its highest level high in 29 years, due to the rising cost of electricity. Excluding unprocessed food and energy products, that is, known as underlying inflation, the annual CPI rises 1.4%.
The Government will update the salary of civil servants according to the evolution of prices from 2022
With the October data, the highest since September 1992, the interannual CPI chains its tenth consecutive positive rate, according to advanced data published this Thursday by the National Institute of Statistics (INE).
According to Statistics, in the interannual behavior of the CPI, the rise in electricity prices stands out, higher this month than in September of last year. During the month of September, the price of electricity in the wholesale market, a reference for calculating the regulated tariff paid by almost 11 million households, added a milestone by having become in the most expensive in its history with 8 records, the last of 189.9 euros per megawatt hour (MWh).
Also influencing, although to a lesser extent, the increase in the prices of fuel and lubricants for personal vehicles and gas, compared to the decreases recorded last year. In monthly terms, the CPI recorded its third consecutive rebound, rising 2% in September, 1.2 points more than in July.
The INE incorporates in the advance of the CPI data an estimate of core inflation (excluding non-processed food or energy products), which increased four tenths in October, to 1.4%, which is more than four points per below the general CPI rate. This is the highest difference between the two rates since the beginning of the series in 1986.
In the tenth month of 2021, the Harmonized Consumer Price Index (HICP) placed its interannual rate at 5.5%, which is 1.5 points more than that registered the previous month. For its part, the leading indicator of the HICP rose 1.7% in monthly rate. The INE will publish the final CPI data for October on November 12.