Sat. Feb 29th, 2020

The CPI rises to 1.1% in January, three tenths more, for electricity




The consumer price index (CPI) stood at 1.1% year-on-year in January, three tenths more than in December, due to the rebound in the prices of electricity, diesel for heating and fish, as published on Friday by the National Institute of Statistics (INE).

The CPI thus returns to above 1% for the first time since April 2019, ending the weak progress since then, in May (0.8%), June (0.4%), July (0.5%), August (0.3%), September (0.1%), October (0.1%), November (0.4%) and December (0.8%).

The INE has confirmed the data advanced on January 31, which shows a rebound in prices driven by the housing group, since although its rate falls 3.5%, this decrease is a point and a half lower than the one registered in December.

This evolution is due to the rise in electricity prices and, to a lesser extent, heating oil, as well as the reduction in gas, which was lower than in January 2019.

Food and non-alcoholic beverages increased by 2%, three tenths more, due to the increase in the price of fish and shellfish, which fell last year.

Along with this, the price of clothing and footwear rose 1.1%, two tenths more, since the lowering of clothing was lower than last year.

On the contrary, communications influenced, whose rebound of 0.1% was six tenths lower than in December, after the cheaper experience experienced by telephone and fax services.

The INE has also published the monthly evolution of the CPI, which registered a decrease of 1% compared to December, mainly due to the decrease in the price of clothing and footwear (15.3%) due to the winter sales campaign.

They also pushed down leisure and culture (its rate is 2.1% negative due to cheaper tourist packages) and household goods (down 0.6% for home textiles and furniture and accessories).

In the opposite direction, the housing group registered a positive rate of 1% for electricity prices; that of food and non-alcoholic beverages, 0.3% for fish, legumes and vegetables, and transport, with a rise of 0.3%, due to the increase in fuel and lubricant costs.

In year-on-year terms, core inflation – which does not take into account the price of food or energy products because they are the most volatile – remained at 1%, one tenth below the general CPI.

The harmonized consumer price index (HICP) -which allows international comparisons- stood at 1.1% in January, three tenths above December.

The Autonomous Communities that registered a greater year-on-year price increase in January were the Basque Country and Castilla-La Mancha (1.4%), although the largest increase in the rate was in the Canary Islands, whose CPI of 1.1% was seven tenths higher than December.


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