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12/12/2008Spanish inflation drops to 15-month low

Prices in November have fallen 0.4 percent as compared to the month before.

MADRID – Spanish 12-month inflation plummeted to 2.4 percent in November from 3.6 percent in October, hitting its lowest rate since August 2007 due to lower fuel costs and smaller rises in food costs, official data showed Friday.

Prices fell 0.4 percent compared with October, national statistics office INE said, matching an estimate it gave on November 28.

Harmonised data according to European standards showed the same annual and monthly rates of inflation.

The annual inflation rate has declined each month after hitting 5.3 percent in July, which was the highest since January 1997, due to the slowing economy and lower oil prices.

Last month, Economy Minister Pedro Solbes predicted the annual inflation rate would likely slow to around 2.0 percent in December and continue to fall to below 1.0 percent by July 2009.

The plunge in inflation reflects a Europe-wide downward trend in recent months that has increased the scope for the European Central Bank (ECB) to cut interest rates in the face of sharply slowing economic activity.

[AFP / Expatica]


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