December CPI advance data is below that for January. This is the lowest consumer price index of the year.
The Consumer Price Index is placed in it 5.8% one point less in December than in November, which was 6.8%, according to preliminary data from the National Institute of Statistics. Prices have therefore increased by 5.8% in the past year. It’s about the lowest year-on-year variation of 2022.
Since January, the year-on-year CPI has always been above 6%. It has been rising since 2021 and in July this year reached its maximum of the past decades, when it was 10.8, after which it started to fall.
In terms of monthly evolution, prices have increased by three tenths since November.
So, with the moderation recorded in December, inflation adds five consecutive months of declines to its interannual rate after falling three-tenths in August, to 10.5%; in September it falls by 1.6 points to 8.9%, in October by 1.6 points to 7.3% and in November it cuts 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 record a larger decline than last year.
On the other hand, the prices of clothing and footwear have fallen less than in December 2021, and those of tobacco and processed food have risen.
Core inflation, above overall CPI
With preliminary data for December, the INE has also provided an estimate of underlying inflation, which does not account for unprocessed food or energy products, which are the main drivers of inflation throughout the year. This time, underlying inflation is placed above the overall data as it is in 6.9%.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
