Inflation up in January as energy subsidies expire

Inflation in Catalonia is up to 3.3% in January due to the withdrawal of electricity subsidies, making consumers' energy bills more expensive.

In fact, the monthly rate of change of prices for electricity, gas and other fuels has risen by 8.1% compared to December. The annual rate has shifted from -18% in December to only -2.9% in January.

The price of food is still on the rise, with a year-on-year increase of 7% in Catalonia, and up 0.4% compared with the month before.

In all of Spain, the inflation rate has risen by three tenths to 3.4% and is above the Catalan rate.

Core inflation, which does not take energy and unprocessed food into account, was 3.7% in Catalonia in January. It was 6.9% a year ago, in January 2023. 

In Spain, core inflation fell by two tenths, to 3.6%. Spain's National Statistics Institute reported that housing, with an annual growth of 1.5%, was one of the factors that contributed the most to the increase of the consumer price index in Spain. 

Food prices up 

Food prices are up generally, with the prices of oils and fats climbing by 44.4% in Catalonia compared to January 2023. In December it was 38.4% year-on-year. 

Pork in January 2024 was 10.9% more expensive than the previous year, with other noteworthy increases in the price of legumes and vegetables (+13.8%), and fresh fruit (+12.3%).

Lamb (+8.7%), eggs (+5.3%), and fresh and frozen fish (+4.7%) have also got more expensive.