The IPCA provisional inflation rate indicator closed the year nine tenths of a percentage point down at 1.5% - its lowest level for ten years, and 2.8 points lower than at the end of December 2007.

It is the fifth consecutive month that the rate has fallen after declines of four tenths of a percentage point in August, three tenths in September, one whole point in October, and 1.2 points in November, at the end of which it closed at 2.4%. 

Inflation down to 2.4%
By: thinkSPAIN
Friday, November 28, 2008

According to provisional figures for November released today by the National Statistics Institute, inflation fell 1.2 points last month to 2.4%, mainly due to falling fuel, and to a lesser extent, food, prices.

Since peaking at 5.3% last July, inflation has fallen for four successive months to its lowest level since August 2007.

Earlier this week, Economy minister, Pedro Solbes predicted that inflation will continue to fall until July next year, bottoming out at below 1%.