Spanish inflation to surpass European inflation in October for the first time since August 2022

Spain's inflation data will come in at 3.5% in October compared with 2.9% for the whole eurozone, marking the first time since August 2022 that national data have exceeded overall data, according to Eurostat forecasts released on Tuesday.

The difference of 0.6 points in favor of eurozone data confirms the narrowing of the gap, which reached 3.9 points in June this year, when eurozone data stood at 6.1% compared to 2.9% in Spain.

Inflation in the eurozone fell 1.4 points from the 4.3% annualized rate recorded in September, while Spain's data rose 0.2 points from the previous figure of 3.3%.

With regard to the main components of inflation, food, alcohol and tobacco showed the highest inflation temperature in October with an annualized rate of 7.5%, followed by services (+4.6%), non-industrial goods without energy (+3.5%) and energy (-11.1%).

The countries with the most positive inflation figures for October were Belgium, which saw a decline of 1.7%, and the Netherlands, with a drop of 1%.