The CPI moderates in December to 5.8% for electricity and gasoline, but core inflation climbs to 6.9%

The CPI data for December is the one taken as a reference in many agreements to update salaries.

The CPI moderates in December to 5.8% for electricity and gasoline, but core inflation climbs to 6.9%

The CPI data for December is the one taken as a reference in many agreements to update salaries

MADRID, 30 Dic. (EUROPA PRESS) -

The Consumer Price Index (CPI) rose three tenths in December in relation to the previous month and cut its year-on-year rate by one point, to 5.8%, its lowest figure since November 2021, when it stood at 5, 5%, according to the advance published this Friday by the National Institute of Statistics (INE).

The data for December, which must be confirmed by Statistics in the middle of next month, is five points lower than the peak reached last July, when inflation rose to 10.8%, its highest level since September 1984. .

Thus, with the moderation registered in December, inflation adds five consecutive months of decreases in its interannual rate after it fell three tenths in August, up to 10.5%; in September it will drop 1.6 points, to 8.9%, in October it will drop 1.6 points, to 7.3% and in November it will cut its interannual rate by half a point, to 6.8%.

According to the INE, the moderation of the year-on-year CPI to 5.8% in December is mainly due to the fact that electricity prices rise less than in December 2021 and that fuels register a greater decrease than last year.

For their part, clothing and footwear stand out, although in the opposite direction, whose prices decreased, but less than in December 2021, and the increase in the prices of tobacco and processed foods.

The INE includes an estimate of core inflation in the CPI data preview (excluding unprocessed food and energy products), which rose six tenths in December to 6.9%, standing more than one point above the general CPI .

In monthly terms (December over November), the CPI registered a rise of three tenths, compared to the decrease of one tenth of the previous month.

On its side, in the last month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 5.6%, more than one point lower than that registered the previous month. For its part, the estimated monthly variation of the IPCA was 0.1%.

The interannual CPI data for December is used in some agreements as a reference for salary reviews.

Those agreements that contain a safeguard clause to offset the initial rise of the year with the year-on-year CPI for December will have to take as a reference the percentage that the INE ends up confirming on January 13 – when it publishes the final data.

All of this, in a context in which the Government and other national and international organizations are urging the social agents to reach an agreement on the income agreement that gives a path of evolution of wages and business margins in the next years.

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