Inflation climbed two-tenths to 5.9% in January, according to final data released this Wednesday by National Institute of Statistics Adjusted to increase by one-tenth of the amount claimed by the INE on January 30. VAT reduction in the broad product basket, effective from 1 January, contained the rise in food prices – barely three-tenths of the December record, to 15.4%, but in fuel oil – 9.5%. increase After the 20 cents per liter support was lifted as of the first day of the year, prices increased the pressure on inflation.
The disappearance of the 20 cents per liter bonus fuel and one sales campaign Lower discounts were the main reason why inflation increased by two-tenths of a point to 5.9% in January. fall in electricity price. despite the prices dress and shoes It fell 11.5% compared to December (due to sales), this group registered an increase of 3.6% compared to the same month of 2022, as discounts were lower. This electricIt fell 11% compared to December and 22.5% compared to January 2022.
so later five chain landings From the 10.8% maximum reached in July, inflation rose slightly again in January. Also increased the search Core inflationIt excludes more volatile energy and unprocessed food prices, which rose 7.5%.
The increase in food prices decreased to 15.4% from the record level of 15.7% recorded in December. In general, food prices, affected by the VAT cut, fell by 1.6% in January compared to December, according to the calculations of the Ministry of Economy. Headed by Vice President Nadia Calviño, the department emphasizes that the data reflects an overall decrease in foods such as bread (-0.2%), milk (-1.5%), eggs, where VAT reduction is applied from 4% to 0%. (-1.5%), fresh fruits (-4.2%), legumes (-1.1%), potatoes (-1%), flour (-2.3%) and cheese (-0.7%) ); VAT reduction from 10% to 5% on olive oil (-1.2%) and pasta (-3.5).
Contrary to inflation, this decree also ended the reduction of 20 cents per liter of fuel, effective as of January 1.
Some methodological innovations also mediate January inflation data (for example, free electricity and gas market determining a price change hitherto determined only in the regulated market), also update weights the number of goods and services in the shopping cart. Therefore, the Consumer Price Index (CPI) calculation for 2023 gives a relatively larger weight to the following groups: medicineeducation, entertainment and culture, alcoholic beverages and tobacco, Transport and other goods and services. In contrast, groups food and soft drinks, clothing and footwear, living place and communication.