Spain sees deflation in October

Spain slid into deflation for the year ended in October. This was expected, following an estimate, and suggests the the European Central Bank may have been right to cut its main benchmark rate as the euro area continues to see weak demand and low price growth.

Spain's consumer price growth dipped 0.1 per cent on a yearly basis, down from September's 0.3 per cent rise.

In the month of October, CPI rose 0.4 per cent, from a 0.2 per cent decrease in September.

(National Statistics Institute)