February 2, 2023
Annual rate evolution
The estimated annual inflation of the CPI in January 2023 is 5.8% in Spain, according to the flash indicator prepared by the NSI.
This indicator provides a preview of the CPI which, if confirmed, would mean an increase of one tenth in its annual rate, since in December this variation was 5.7%.
This evolution is mainly due to the fact that fuel prices rise more than in January 2022 and to the fact that the decrease in the prices of clothing and footwear is less than last year. In the opposite direction, the drop in electricity prices stands out, greater than in January 2022. The estimated annual variation rate of underlying inflation (general index excluding nonprocessed food and energy products) increases five tenths, to 7.5%. The CPI for January 2023 uses, for the first time, weights from the National Accounts and incorporates the free gas and electricity markets. These new methodologies and more information are discussed in a press release published today at the same time as this one.
Consumer prices registered a rate of –0.3% in January compared to December, according to the leading indicator of the CPI.
Source: INE Spain
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