The consumer price index (CPI) fell 1.6 points year-on-year to 7.3%, its lowest figure since January when the CPI stood at 6.1%, just before the war in Ukraine began, according to data released Friday by the National Statistics Institute (INE).
The October figure is 3.5 points lower than the peak reached last July, when inflation climbed to 10.8%, its highest level since September 1984.
With the moderation recorded in October, the inflation rate has now fallen for three consecutive months year-on-year, after dropping three-tenths of a point to 10.5% in August and 1.6 points to 8.9% in September.
According to INE, the moderation of the CPI year-on-year to 7.3% in October was mainly due to lower electricity prices and, to a lesser extent, lower gas prices.
The moderation in inflation was also influenced by the fact that clothing and footwear prices, due to the new fall/winter season, rose less in October this year than in the same month in 2021.
In monthly terms (October versus September), the CPI rose four-tenths of a percentage point, its largest monthly increase since last June, when it rose 1.9 percent.
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