CPI moderate at 5.8% and core inflation scale at 6.9%

CPI moderate at 5.8% and core inflation scale at 6.9%

The CPI data for December is the one taken as a benchmark in many salary update agreements The consumer price index (CPI) rose by three tenths in December compared to the previous month and lowered its rate interannual 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 December data, due to be confirmed by Statistics mid-next month, is five points below the peak reached last July, when inflation rose to 10.8%, its highest level since September 1984. . .

Thus, with the moderation recorded in December, inflation adds five consecutive months of declines in its interannual rate after falling by three ticks in August, down to 10.5%; in September it will fall by 1.6 points, to 8.9%, in October it will fall by 1.6 points, to 7.3% and in November it will lower its interannual rate by half a point, to 6.8 %.

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

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

The underlying rises to 6.9%

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

In monthly terms (December over November), the CPI recorded an increase of three tenths, compared to a fall of one tenth the previous month. For its part, in the last month of 2022, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 5.6%, more than one point less than that recorded the previous month. For its part, the estimated monthly change in the IPCA was 0.1%.

Important information for salaries in agreement

The December CPI interannual data is used in some agreements as a reference for wage revisions.

Agreements that contain a safeguard clause to compensate for the initial rise of the year with the interannual CPI in December will have to take as a reference the percentage that the INE ends up confirming on January 13 – when the final data is published.

Todo ello, in a context in which desde el Gobierno y otros nacionales e internacionales organisms está instando a los agents socials a que lleguen a acuerdo sobre el pacto de rentas que de una senta de evolución de los salarios y de los empresariales márgenes In the coming years.

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