The year is coming to a rather more expensive end than expected. Inflation has risen four tenths in December, to 2.8 % year-on-year, mainly due to the rise in fuel prices and, to a lesser extent, to the higher rise in leisure and culture costs and prices. According to the consumer price index (CPI) published today, Monday, by the National Statistics Institute (INE), the underlying rate - which does not include fresh food or energy - has increased by two tenths of a percentage point to 2.6 % year-on-year.
The evolution of the general CPI is due to the increase in fuel prices, which fell in December last year, and to a higher rise in leisure and culture prices compared to the same month in 2023. The inflation rate has now risen for three consecutive months, from a low of 1.5% in September, leaving behind the downward trend of the previous four months, from a peak of 3.6% in May of this year.
Core inflation has been in the 2.5-3 % range for nine months since April, with two months in which it fell to 2.4 % (September and November). In monthly rate, consumer prices registered a variation of 0.4 % in December with respect to November, the largest increase in the monthly inflation rate in a month of December since 2021, according to the INE.
Regarding the estimated annual variation rate of the HICP -the harmonised indicator-, it stands at 2.8 %, four tenths above that recorded the previous month, and the monthly variation is 0.4 %. The Ministry of Economy, Trade and Enterprise points out in a statement that both general and core inflation have been falling steadily throughout the year, which has allowed the general CPI to close 2024 at 2.8 % compared to the 3.6 % average for the year 2023 (eight tenths of a percentage point less).
"This reduction highlights the effectiveness of the economic policy measures implemented, which are making it possible to reconcile the higher growth among the main economies of the euro area with a continued reduction in inflation", the statement adds.
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