-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.