Inflation in October was 13.3% compared to 12.8% in September. October resulted in the highest inflation rate since our current records began. From the release details, food prices rose at a faster pace in October, while transport prices recovered. At the same time, housing and utility prices remained largely stable. On the contrary, prices for clothing and footwear grew at a more restrained pace.
The trend pointed to growth: the average annual inflation in October was 9.4% (in September: 8.6%). Meanwhile, harmonized inflation rose to 12.7% in October from 12.6% in September.
Finally, consumer prices rose 1.34% mom in October, compared with a 1.44% rise in September.
FocusEconomics Consensus Forecast experts expect inflation to average 6.3% in 2023, up 0.3 percentage points from last month’s forecast. In 2024, the group forecasts inflation at an average of 2.7%.