MAIN RESULTS
- The flash estimate of the CPI sets its annual variation at 3.0% in November, one tenth less than that registered in October
- The annual rate of the flash estimate of core inflation increases by one tenth, up to 2.6%
The annual variation of the flash estimate of the HICP is 3.1%.
The estimated annual inflation of the CPI in November 2025 is 3.0%, according to the flash estimate prepared by the INE.
This indicator provides a preview of the CPI which, if confirmed, would mean that the annual rate decreases by one tenth, given that in the month of October this variation was 3.1%.
This evolution is mainly due to the decrease in electricity prices, compared to the increase in November 2024.
On the other hand, Leisure and culture had an upward effect, with prices falling less than in the same month of the previous year; as did Food and non-alcoholic beverages, whose prices rose compared to last year’s decrease.
The estimated annual variation rate of core inflation (general index excluding unprocessed food and energy products) increases by one tenth, up to 2.6%.
EVOLUTION OF THE MONTHLY RATE
Consumer prices recorded a rate of 0.2% in November compared to the month of October, according to the flash estimate of the CPI.
HARMONISED INDEX OF CONSUMER PRICES (HICP)
In the month of November, the estimated annual variation rate of the HICP decreases by one tenth and stands at 3.1%.
The estimated annual rate of core inflation for the HICP stands at 2.7%.
Meanwhile, the estimated monthly variation of the HICP is 0.0%.
Source: INE