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Spain’s inflation rate eased markedly in October due to lower electricity and gas prices.

Consumer prices rose 7.3% in October compared with the same month a year earlier by European Union-harmonized standards, easing from the 9.0% increase registered in September, preliminary data from the Spanish statistics office INE showed Friday. This is the lowest level since January.

The reading is below the 8.4% forecast by economists polled by The Wall Street Journal.

Measured by national standards, consumer prices rose 7.3% on year, down from 8.9% in September.

Core inflation–which exclude the more volatile categories of food and energy–remained unchanged at 6.2% in October.

On a monthly basis, Spain’s consumer prices rose 0.4% by both national standards and 0.1% by EU-harmonized standards.

Write to Maria Martinez at

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