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inflation canaries

Inflation in Canaries

Food prices in the Canary Islands rise again by 4.3%.

Prices increased in October compared to the previous year in food and non-alcoholic beverages, with an increase of 12%

The Consumer Price Index (CPI) has increased by 4.3 percent in the Canary Islands in October in its year-on-year rate, in line with the previous month's data, according to the final data published this Friday by the National Institute of Statistics (INE).

In addition, with the October figure, prices in the Canary Islands have risen for two months. In monthly terms, inflation in the Canary Islands increased by 0.6 percent, while so far this year the rise has reached 3.9 percent.

In the archipelago, prices increased in October compared to the previous year in food and non-alcoholic beverages, with an increase of 12% (-1.5 points compared to the previous month); restaurants and hotels, 7.3% (-0.2 points); alcoholic beverages and tobacco, 4.1% (-1.3 points) and other goods and services, 3.8% (-0.1 points).

On the other hand, where prices fell the most in year-on-year terms was in housing, water, electricity, gas and other fuels, by -5% (+5.2 points compared to the previous month's rate); clothing and footwear, -0.2% (+1.3 points), the only two categories in which they fell.

In Spain as a whole, the CPI increased by 0.3 percent in October compared to the previous month and kept its year-on-year rate unchanged at 3.5 percent because the rise in electricity and gas prices was offset by lower fuel prices and a less intense rise in food prices compared to a year earlier.

In fact, food prices moderated their year-on-year rate by one point, to 9.5 percent, falling below double digits for the first time in a year and a half. This evolution is due, according to Statistics, to the fact that the prices of legumes, vegetables, milk, eggs and cheese, and meat and fruit rose less in October this year than in the same month of 2022. On the other hand, oils and fats became more expensive than a year ago.

With the year-on-year inflation rate stagnating in October at 3.5 percent, three consecutive months of increases come to an end after rising four, three and nine tenths of a percentage point in July, August and September, respectively. Despite this, the year-on-year CPI remains at its highest level since last April, when it reached 4.1 percent.

Core inflation (excluding unprocessed food and energy products) fell by six-tenths of a percentage point in October to 5.2 percent, standing 1.7 points above the headline CPI.
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