The Consumer Price Index (CPI) rose 0.4% in December compared to the previous month and raised its interannual rate four tenths, up to 2.8%, according to data released this Monday by the National Institute of Statistics ( INE).
The organization explains that the rise 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.
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 CPI has closed 2024 eight tenths below the average for 2023, which was 3.6%.
The INE incorporates 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 implemented, which are making it possible to reconcile the greater growth among the main economies of the euro zone and a continued reduction in inflation,” added the Department led by Carlos Corp. .
In monthly terms (December over November), the CPI increased 0.4% compared to the previous month, two 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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