Year-on-year inflation in January compared to December is 9.6%.
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Author: Redaction
Compared to 2021, when the average annual inflation rate was 1.3%, the Consumer Price Index (CPI) recorded a substantial increase in 2022, standing at 7.8%. This Wednesday, January 11, the National Statistics Institute (INE) released data showing that, in December 2022, the year-on-year variation slowed to 9.6%, in line with the forecasts made by INE at the end of that same month.
According to INE, the annual average variation rate had not reached such a high value since 1992, justifying this increase in the variation of the CPI, between 2021 and 2022, with the "behaviour of underlying inflation (...), and the acceleration of the prices of unprocessed foodstuffs and energy products, which registered average annual variations of 12.2% and 23.7%, respectively (0.6% and 7.3% in 2021)".
The prices of food products increased by 10.2% compared to 2021, in addition to the average variation in the prices of services - 4.3% throughout 2022 compared to 0.6% in the same year, which translates into "higher average annual growth in the prices of goods than those of services".