The climb, linked to the increase in the cost of agricultural inputs already some crops penalized by drought, was especially accused in the case of fresh vegetables (+25.7% in one year), eggs (+25.5%), milk (+25%), oil (+23.9%) and cereals (+22.1%).
The INE also confirmed its first estimate of the inflationwhich in October was ranked in the 7.3% year-on-year, 1.6% less than in September (8.9%) and 3.5% less than in July (10.8%).
Is slowdown occurs “because of the drop in electricity”whose price fell 22.5% in one month, and, “to a lesser extent, gas”, which fell 6.4% in relation to September, detailed the public body.
Spain and Portugal received the endorsement of the European Union in June to distance themselves from the European energy system and limit the price of electricityuntying it from gas, which has become very expensive due to supply problems since Russia invaded Ukraine in February.
The countries promoted the “Iberian exception” which allowed them to separate from the regime of increases established by the European Union, where the prices of electricity were set taking into account those of gas, because this is, in many cases, necessary to produce it.
The lack of energy connections between the Iberian Peninsula and the rest of Europe was the main argument put forward to apply the famous cap on the price of gas for electricity generation, which has allowed a substantial reduction on the electricity bill of those who have a regulated rate.
Several European countries, such as Francenow claim that this “exception” is extended to the whole of the EU. The scarcity and cost of energy in that region directly impacts the activity and the gross domestic product (GDP) of the euro areawhich slowed its rate of expansion between July and September to 0.2% from the 0.8% observed in the second quarter of the year, according to the estimate published by the Community statistical office, Eurostat. It is expected that in the fourth quarter of the year, The euro zone goes into recession.
Source: Ambito
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