April 10, 2021

The annual CPI moderates to 1% in January due to the containment of food

The annual CPI moderates to 1% in January due to the containment of food


The Consumer Price Index (CPI) fell by 1.3% in January compared to the previous month and cut its interannual rate two tenths, to 1%, its lowest level in the last year, according to the final data published this Friday by the National Institute of Statistics (INE), which coincide with the advanced ones at the end of last month.

Statistics has attributed the fall of the year-on-year rate of the CPI in January to the stability of the prices of fish and shellfish, compared to the rise recorded in the same month of 2018; to the cheapening of the tourist packages, and to the fact that the fuels and lubricants rose less in the first month of the year than they did in January 2018.

The interannual rate for January is the twenty-ninth positive rate that links the year-on-year CPI and implies that prices are now 1% higher than those of a year ago. With the January figure, the CPI adds three consecutive months with interannual rates of less than 2%.

Core inflation, which does not include the prices of energy products or unprocessed foods, decreased one tenth in January to 0.8%, which is two tenths below that of the general CPI.

In the last month of 2018, the Harmonized Consumer Price Index (HICP) placed its annual rate at 1%, two tenths less than in December.

According to the INE, among the groups that contributed to the moderation of the year-on-year rate of the CPI in January are transport, which cut its annual rate by four tenths, to -0.2%, for fuel; food, whose annual rate also fell four tenths, up to 0.9%, for fish and shellfish, and leisure and culture, which reduced its rate by eight tenths, to -0.9%, due to the reduction in price of the tour packages.

In monthly terms, the CPI fell by 1.3% in January, its biggest decline in this month since 2016, due, among other factors, to the decrease in the prices of clothing and footwear by 15.4% due to the effect of the winter sales.

(((THERE WILL BE EXTENSION)))

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