• Cthe moderation of energy prices continues in line with the evolution of oil and gas
  • The inflation differential favorable to Spain with respect to the euro zone is maintained

The interannual rate of the general CPI stood at 1% in January, after reducing two tenths, as the INE advanced at the end of last month. This reduction is motivated by the more content price advance of all its main components.

The prices of energy products moderated the six-tenth year growth rate in January to 1.5%, due to a decrease of -0.3% in fuel and fuel prices, in line with the behavior of oil prices and gas On the contrary, the price of electricity rose 5.7% year-on-year, a rate that was more than five points higher than the previous month.

The prices of unprocessed food increased 2.3% year-on-year, nine tenths less than in December, with a drop of -3% in prices of fresh or chilled fish.

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), stands at 0.8% year-on-year, one tenth less than in December last year. The tenth growth rate of its three components has been moderated, processed food, beverages and tobacco, non-energy industrial goods (BINE) and services, standing at 0.4%, 0.1%, and 1.4%, respectively. Among services, the -2.8% drop in the prices of tourist packages stands out.

In January, the interannual rate of the CPI has decreased in 14 of the 17 autonomous regions compared to December, and is maintained in Navarra, the Basque Country and the Balearic Islands. The greatest decreases occur in Castilla-La Mancha (five tenths, up to 0.7%) and the Canary Islands and Catalonia (four tenths up to 1%, in both cases).

The interannual rate of the CPI to constant taxes stood at 0.9% in January, one tenth lower than the general CPI.

The INE has also published the harmonized CPI (CPI) for the month of January, whose annual rate is reduced by two tenths, up to 1%. The rate advanced by Eurostat for the euro zone as a whole stands at 1.4% in that month, resulting in a favorable inflation differential to Spain of 0.4 percentage points.

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