The 12-month inflation was lower than the 3.5% rate in October and lower than the 3.7% expected by analysts polled by Reuters.

Core inflation, which strips out volatile fresh food and energy prices, was 4.5% year-on-year, the slowest rate since 4.4% the 12 months through April 2022, the INE data showed.

Spain's European Union-harmonised 12-month inflation was 3.2%, down from 3.5% in October and below the 3.7% expected by analysts polled by Reuters.

(Reporting by Matteo Allievi, editing by Inti Landauro)