Spanish inflation slows down and closes 2022 at 5.7%

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Spanish inflation slowed to close 2022 at 5.7 percent thanks to lower energy price rises, the National Institute of Statistics said on Friday, down slightly from 5.8 percent two weeks ago.

The INE, as the institute is known, attributed the drop in inflation to cheaper heating oil and the lower rise in electricity and fuel prices.

Analysts polled by Reuters had estimated 2022 inflation at 5.8%.

Although the headline price index has fallen rapidly from its peak of 10.8% in July, core inflation in 2022, which strips out volatile food and energy prices, rose to 7.0% from 6.3% in the period ended November.

“We expect core inflation to start falling as soon as possible,” Economy Minister Nadia Calviño said on RNE radio. “At the moment, it is good news that headline inflation is down 5 points in 5 months,” he added.

Inflation harmonised with the European Union in 2022 was 5.5%, 0.1 percentage points less than the previous estimate of the INE, two weeks ago.

The harmonised rate in Spain was the lowest in the European Union in November, according to Eurostat data.

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