The advance data for the CPI for December is below that for January. This is the lowest consumer price index of the year.
The Consumer price index has been placed in 5.8% in December, one point less than in November, which was 6.8%, according to advance data from the National Institute of Statistics. In the last year, therefore, prices have increased by 5.8%. It’s about the lowest year-on-year variation of 2022.
Since January, the year-on-year CPI has always been above 6%. On the rise since 2021, it reached its maximum in recent decades in July of this year, when it stood at 10.8, at which time it began to decline.
Regarding the monthly evolution, prices have risen three tenths since November.
Thus, with the moderation registered in December, inflation adds five consecutive months of decreases in its interannual rate after it fell three tenths in August, up to 10.5%; in September it will drop 1.6 points, to 8.9%, in October it will drop 1.6 points, to 7.3% and in November it will cut its interannual rate by half a point, to 6.8%.
According to the INE, this moderation is due to electricity prices, which rise less than in December 2021, as fuels register a greater decrease than last year.
On the other hand, the prices of clothing and footwear decreased less than in December 2021, and those of tobacco and processed foods increased.
Core inflation, above headline CPI
With the advance data for December, the INE has also offered an estimate of underlying inflation, which does not include unprocessed food or energy products, which are the main factors in inflation throughout the year. This time, subjacent inflation is placed above the general data, since it is in 6.9%.
Source: Eitb
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