The year that is about to end will close with an increase in consumer prices of 2.8% on averagethe lowest figure in the last three years. This was certified this Monday by the National Institute of Statistics (INE) in the latest report on the Consumer Price Index (CPI) for 2024. The cost of living has increased less than in the last three years, in which the country has seen prices rise much faster than normal. Especially in 2022, when inflation averaged 8.4%, the highest figure in four decades.
The reading for the month of December coincides with the average for the year and places the year-on-year increase in prices at 2.8%, four tenths more than in November. A rebound that was expected and that is fundamentally due to a statistical effect caused by fuel prices. The cost of gasoline and diesel was considerably reduced in December last year and in this last month of 2024 it has experienced a slight increase.
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