Bankinter : Final CPI for January 2024 confirmed +3.4% y/y (previously +3.1% y/y). The basic CPI also increased by 3.6% year-on-year (3.8% year-on-year). MoM 0.1% m/m (from 0.0% m/m on Dec 23) and underlying -0.4% m/m (from +0.2% m/m on Dec 23).
Analysis: Not surprisingly, the final data for January confirms the preliminary numbers. The difference between the general interest rate and the basic interest rate has narrowed to 0.2pp. The rise in headline rates is partly due to higher electricity prices (compared to the decline in January last year) and the withdrawal of some anti-inflation measures at the beginning of the year. Our forecast is for it to average 3% y/y in 2024 and 2.3% y/y in 2025.
About the author
corner
The Corner has teams of reporters in the field in capitals from New York to Beijing. Their articles are edited by the team from the Spanish magazine Consejeros (for members of corporate boards) and the stock market news site Consenso Del Mercado (Market Consensus). He has worked in the economics and communications field for over 25 years.