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-0.9% annual inflation rate in January, the lowest in Catalonia since July 2009

Prices in Catalonia dropped by 1.4% in January compared to the figures for December, which represents the biggest monthly decrease ever registered on the records of the Spanish Statistics Institute (INE) (since 2002, when comparable data started to be compiled). Furthermore, the annual inflation rate posted at the end of February reached -0.9%, which is the lowest figure since July 2009, in the middle of the first economic recession. The sustained decrease of oil prices is the main reason for such results and Catalonia has now accumulated 3 consecutive months with negative rates within the Consumption Price Index (IPC) in annual terms. In Spain as a whole, prices dropped by 1.6% in monthly terms at the end of January, which is also the biggest decrease within the series of comparable records. Furthermore, Spain’s annual inflation reached -1.3%, the lowest since July 2007. 

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13 February 2015 05:31 PM

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ACN

Barcelona (ACN).- Prices in Catalonia dropped by 1.4% in January compared to December, according to figures released on Friday by the Spanish Statistics Institute (INE). This represents the biggest monthly decrease ever registered on the records of the INE (i.e. since 2002, when comparable data started to be compiled). Furthermore, the annual inflation rate posted at the end of February reached -0.9%, which is the lowest figure since July 2009, in the middle of the first economic recession. The sustained decrease of oil prices at world level is the main reason for such results and Catalonia has now accumulated 3 consecutive months with negative rates within the Consumption Price Index (IPC) in annual terms. In Spain as a whole, prices dropped by 1.6% in monthly terms up until the end of January, which is also the biggest decrease within the series of comparable records. Furthermore, Spain’s annual inflation reached -1.3%, the lowest since July 2007 (which was -1.4%).


In Catalonia, the price of transport products and services have plummeted due to the decrease in world oil prices. Transport prices dropped by -8.1% in Catalonia in annual terms up until the end of January, having already decreased by -5.8% in December. However, housing prices have also been affected by oil prices, due to the price drop in heating fuel and gas. Housing prices decreased by -0.1% by the end of January compared to 12 months ago, while in December they had grown by 0.4% in annual terms. 

As well as this, clothing and footwear prices stagnated with a 0% change in annual terms, which could not counteract the effects of oil prices. In December, clothing and footwear had posted a 0.3% growth in annual terms. In monthly terms, clothing and footwear prices dropped by 15.3% between December and January due to the sales campaigns launched after Christmas.

Core inflation reaches a 0.2% annual rate

Core inflation, which does not take into account the most volatile prices – such as those of oil and fresh food, reached a 0.2% annual rate up until the end of January. In December it registered a rate of 0.0%.

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  • The decrease of oil prices at world level is behind Catalonia's inflation drop (by ACN)

  • The decrease of oil prices at world level is behind Catalonia's inflation drop (by ACN)