Inflation rises by 6% in January and perpetuates the record from the start of the 90

The prices have not given truce in January. Inflation rose 6% in the first month of the year, an increase not seen since 1991, according to the advanced data

Inflation rises by 6% in January and perpetuates the record from the start of the 90

The prices have not given truce in January. Inflation rose 6% in the first month of the year, an increase not seen since 1991, according to the advanced data on Monday by the National Institute of Statistics (INE) that will later have to confirm.

The CPI was moderated by five tenths compared to December, in which it was over 6.5%, due to the drop in electricity prices that occurred with regard to January 2021, explained the Institute. It is necessary to take into account, however, that January is usually a month in which the prices are traditionally moderated, due to the lower consumption after Christmas and the effect of the pricing rebates, something that has not happened this year.

The underlying inflation - which does not take into account the price of fresh food or energy-three tenths accelerated up to 2.4% in January, the highest rate since October 2012.

The prices came from up to 6.5% in the month of December and leave the year 2021 with an average increase of 3.1%, the highest in a decade.

By 2022, economists develop high increases in the first trimester and part of the second, and that inflation is modeled thereafter. Even so, this year it will close with an average rise of much higher prices than last year and that, according to some analysts like those of Banco Santander or CaixaBank, it could exceed 4.5%.

In the data published this Monday, the INE introduces methodological changes, modifies the composition of the basket of household purchase and applies a new weight structure (the weight of each product with respect to our final consumption). For example, the price of the hygienic masks and subscription to online newspapers begins to include; While it stops posting the obsolete technological devices such as the image player, the portable player or the compact disc and the DVD, among others

Regarding the weights, the INE reduces the weight of non-alcoholic food and beverages with respect to the total consumption, the dress and footwear and that of the utage; While significantly increases the weight of consumption in hotels, cafes and restaurants, in medicines and in housing -Rubrica in which the price of energy is computed.

In addition, the IPC base 2021 becomes incorporating new treatments for the monitoring of dress prices and for the processing of lack of price, which will increase the accuracy of the indicator, have indicated.

After these changes, the INE comes to consider that 22.6% of our consumption per month is destined for food and beverages without alcohol; 14.2% go to housing (where expenses are included in water and light supplies); 13% goes to transport; 13% is destined to hotels, cafes and restaurants and 6.4% in leisure and culture; 6.3% are invested in other goods and services; 6% is used to acquire clothes and footwear; and 5.8% to awareness.

To buy medicines, we dedicate 4.4% of the money we spend; to communications, 3.6%; alcoholic beverages and tobacco, 3.1%; And to teaching, 1.6%.

One of the included technical aspects that were foreseen in the Base Change project of the CPI is the "Review of the Methodology of Centralized Articles: Those whose prices are equal throughout the country, and that it needs specific methods of calculation that collect all The varieties of each service and typologies of consumption, "explained the Institute.

One of these articles is electricity, whose review consists of the expansion of coverage through the incorporation of the liberalized market in the calculation of the IPC. However, the INE has not yet been able to carry it out for lack of information and because they consider that given the current market behavior, introducing changes could "distort" analysis.

"You have had to be postponed until you get the information to provide electric companies with enough level of detail and with the necessary technical criteria that allow you to apply a methodology consisting of the requirements required in the calculation of the IPC and, consequently, power Explain properly the future evolution of the indicator, "they have explained.

Date Of Update: 31 January 2022, 18:32

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