Inflation has become one of the star indicators, one of the data that has raised the most expectations since the economic recovery began. Although it is the CPI of the US or the euro zone that moves the markets, what really matters to ordinary Spaniards is the CPI of Spain, which reveals how much the prices of the typical consumer basket change. , up to 6.1%, the inflation data for January, a year-on-year rise that has made the slope of the first month of the year seem even steeper.
In this way, the Consumer Price Index (CPI) fell 0.4% in January in the interannual rate compared to the data for December to stand at 6.1%, driven by the lower price of electricity, which it did go up in January 2021. Although it remains on the rise, it is the first drop in its upward trajectory since February 2021. |
According to data published this Tuesday by the National Statistics Institute (INE), this is the thirteenth consecutive positive annual rate, after the 6.5% registered in December, the highest since May 1992.
Meanwhile, core inflation, which does not weigh fresh food or energy, has been confirmed at 2.4%. The core CPI suggests that inflation is permeating the most stable goods and services in the basket, which could mean that prices will remain high for longer.
Regarding the HICP (harmonized with the rest of the EU), the interannual rate stood at 6.2%, compared to the 6.1% estimated in the provisional data published at the end of January. According to the note published by the INE, transport and food were the components that have contributed most positively to the growth of prices month by month.
“Transport, whose variation stands at 11.3%, four tenths above that registered in December, due to the fact that the prices of fuels and lubricants for personal vehicles rise this month more than in January 2021”, maintains the note.
Decrease compared to December
Despite everything, this data represents a drop in the CPI of four tenths compared to the data for December, which placed inflation at 6.5%.
It must be taken into account that in January there was a drop in electricity prices compared to the first month of last year, while in “clothing and footwear” the prices fell less than in the previous year despite coinciding with the period of sales.
According to Statistics, in the interannual behavior of the CPI, the drop in electricity prices stands out, compared to the increase registered in the same month of 2021; tourist packages, and food, since the prices of vegetables and mineral water and soft drinks and juices have risen less in January of this year than they did a year earlier.
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