Inflation stood at 1.7% in November in Spain

Ⓒ AFP – Gabriel Bouys – | A store in Madrid offers discounts on the occasion of “Black Friday” on November 24, 2017

Inflation in Spain was 1.7% year-on-year in November, the same level as in October, according to a first estimate published this Wednesday by the National Institute of Statistics (INE).

“If this data is confirmed, the annual rate (of inflation) would be maintained with respect to the previous month”, according to the INE.

Consumer prices began to rise strongly as of October 2016, for the first time since May 2014.

In November 2016, the index was only 0.5% year-on-year.

Lately it remains close to 2%, the level considered appropriate by the European Central Bank (ECB).

By 2018, the Spanish government has reduced its growth forecast from 2.6% to 2.3%.

The Bank of Spain maintains its forecast of a growth of 2.5% next year, although it warns of the risk of recession in Catalonia in the event of prolonged political crisis.

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