Economists watch the index closely, but pay special attention to what is known as core inflation, which is the IPC without prices of energy and fresh foods. These are excluded because they are traditionally volatile, depending either on international markets that fluctuate a lot or simply the weather.

Inflation has been a headache of late for Spanish leaders, especially since prices rose 1% in October, which took the yearly rate to 3.5% and the year-to-year rate to 4%, according to the National Statistics Institute. October's was the largest monthly rise since the spring, and it placed the index two full percentage points above the government's original and somewhat optimistic goal of 2%.

It is relatively easy to find the culprits in the inflation problem. Some blame the government, which has responded by maintaning its economic policy after urging businesses not to pass the percentage point on to their costs and salaries for workers. Others blame the euro and merchants habit and rounding off prices upward as they dumped old currencies like the peseta. A few analysts blame the rise in prices on rigidity in several sectors of the economy, which saps competitiveness. Approximately 70% of the consumer price index is taken up by housing, transport, telecommunications, education and health.

Last month, so-called core inflation rose 1.1%, taking the year to year rate to 3.7%. The items that rose the most in price in October were clothing, 8.8%; education, 2.5%; housewares and transport, 0.5%; food and non-alcoholic beverages and medicine, 0.2% and housing and other categories, 0.1%.

Inflation has been uneven around Europe. The average for the 12 countries of the euro zone inflation stood at a yearly rate of 2.3 percent in October, up from 2.1% in September, according to Eurostat. The highest inflation rate was Ireland's at 4.4%, followed by Portugal at 4.1% and then Spain at 4%. The European Central Bank's goal is for euro countries to keep their inflation rates below 2%.

At times like this, Spanish consumer groups recommend moderation, a tip that is especially useful during the Christmas season. If there were collective carelessness inflation could rise to 5%.

Business groups also speak out when inflation spikes. They fear that more expensive products and services endanger economic activity. To confront that risk they recommend, among other things, moderation in wage rises and in taxes.