The INE revises the CPI upwards to 7.6%, the highest inflation since the 1980s

The interannual CPI chains its fifteenth consecutive positive rate and adds three months in a row at rates above 6%, levels not seen in three decades

More inflationary pressure in our country. The Consumer Price Index (CPI) rose by 0.8% in February in relation to the previous month and raised its interannual rate by 1.5 points, to 7.6%, its highest rate in almost 36 years, specifically since December 1986, and is two tenths higher than the estimate at the end of last month by the INE (7.4%) . In the case of the monthly rate (+0.8%), the final figure is also two tenths higher than that reported by Statistics (+0.6%).

With the February data, the interannual CPI chains its fifteenth consecutive positive rate and adds three months in a row at rates above 6% , levels not seen in three decades. According to Statistics, the year-on-year rise in the CPI to 7.6% is due to electricity prices, which fell less than in February 2021; the increase in restaurant prices, and the higher cost of diesel for heating, fuel, automobiles and some foods, such as legumes and vegetables; milk, cheese and eggs, and bread and cereal.

Without taking into account the reduction of the special tax on electricity and the variations on other taxes, the interannual CPI reached 8.5% in February, nine tenths more than the general rate of 7.6%. This is reflected in the CPI at constant taxes that the INE also publishes within the framework of this statistic.

Core inflation (excluding unprocessed food and energy products) increased six tenths in February, to 3% , which is more than 4.5 points below the rate of the general CPI. It is the highest rate of the underlying since September 2008.

In monthly rate, the CPI increased by 0.8% compared to the previous month, in contrast to the drop of 0.4% experienced in January, due to the rise in the prices of fuels, fuels for heating, fruits and other food products, and restaurants. In the last year, heating, lighting and water distribution have become more expensive by 51.7% ; oils and fats have increased their prices by 28.1% and personal transport is 13.3% more expensive due to the higher cost of fuel.

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