The Consumer Price Index (CPI) shot up 6.1%

in the month of January, driven by the increase in prices that occurred in

gasoline and diesel

, as confirmed on Tuesday by the National Institute of Statistics (INE). ), which at the end of the month had advanced a 6% increase pending ratification.

Core

inflation

-which does not take into account the price of fresh food or energy- accelerated three tenths to

2.4% in January,

the highest rate since October 2012. The data coincides with what had been advanced the Institute.

"The groups with the greatest positive influence (in the rise in prices) are:

clothing and footwear

, with a rate of

3.7%

, almost three points higher than that of the previous month, caused by the fact that the prices of all its components fall this month less than the previous year

Transportation

, whose variation stood at

11.3%

, four tenths above that registered in December, due to the fact that

the prices of fuels and lubricants for personal vehicles rose more this month than in January of 2021"

, explains the INE.

January is usually a month in which prices are traditionally moderate, due to lower consumption after Christmas and the effect of price

cuts

, something that has not happened this year.

In fact, the 3.7% rise in the price of clothing and footwear compared to January 2021 shows that this year

the shops chose to make more moderate discounts.

On the other hand, housing rose less than in January of last year (+18.1%), because

electricity

prices were lower than then, and

food and non-alcoholic beverages

(+4.8%), because legumes, vegetables and mineral water, soft drinks and fruit juices rose less than in the same month last year.

Bread

and cereals

, however, have been more expensive this year, while

oils

have remained stable.

Prices in January moderated four tenths compared to December, when they stood out 6.5%.

As the INE already explained at the end of the month, this slight decrease is explained by the

drop in electricity prices

that occurred compared to January 2021.

For

2022

, economists predict high increases in the first quarter and part of the second, and that inflation will moderate from then on.

Even so, the Bank of Spain already forecasts that average inflation will be around 4% this year, almost one point more than that of 2021 (3.1%), and some analysts such as those of Banco Santander or CaixaBank believe that it could exceed the

4.5%.

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