The CPI has risen again with some force in Spain in the final part of the year, according to advance data from the INE. The arrival of Christmas is always accompanied by the rise in certain prices linked to foods that are the source of ‘celebration’ of these dates. But on this occasion, the big driver has been the price of fuel. The CPI thus stood at 2.8% in December, beating market expectations, which indicated a rebound of 2.6% for this month. In this way, inflation is once again as scary as in November, when it already climbed to 2.4%. In this way, inflation in Spain seems to have clearly resumed its upward path after months of disinflation, as can be seen in the statement from the National Institute of Statistics (INE).
The organization has explained that the rise in the CPI to 2.8% is due to the increase in fuel prices and, to a lesser extent, to the prices of leisure and culture, which in December increased more than in the same month of the previous year. These levels have not been seen since July of this year..
With the increase in the interannual CPI in the last month of 2024, inflation has chained three consecutive months of increases and reaches its highest value since July, when it also stood at 2.8%. The Ministry of Economy, Commerce and Business has attributed the increase in the year-on-year CPI to 2.8% to the base effect produced by fuel prices.
However, the Department led by Carlos Cuerpo has highlighted that the IPC has closed 2024 eight tenths below the average for 2023, which was 3.6%. The INE includes in the CPI data preview an estimate of underlying inflation (without unprocessed food or energy products), which in December rose two tenths, to 2.6%, remaining two tenths below the general index.
“Throughout the year, inflation, both general and underlying, have been reducing continuously, which has allowed the general CPI to close 2024 at 2.8%, compared to the average of 3.6% in 2023. , eight tenths less”, the Ministry of Economy has stressed.
“This reduction highlights the effectiveness of the economic policy measures put in place, which are making it possible to reconcile the higher growth among the main economies of the euro zone and a continued reduction in inflation,” added the Department led by Carlos Body. .
Monthly increase
In monthly terms (December over November), The CPI increased 0.4% compared to the previous monthtwo tenths more than what it increased in November.
With the rebound in December, inflation has accumulated three consecutive months of monthly increases. For its part, the harmonized CPI (HICP) rose four tenths in December, to 2.8%, and increased 0.4% in monthly values. The INE will publish the final CPI data for December on January 15.
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