Year ends with zero inflation as Spanish prices fluctuate
Inflation in Spain closed 2015 at zero thanks to energy products and non-processed foods.
According to data published by the Spanish National Statistics Institute, the Consumer Price Index (CPI) stood at zero year-on-year in December.
This rate is three-tenths higher than in November and coincides with the figures announced by the INE at the end of December. Energy products and, to a lesser extent, non-processed foods are the CPI components that most contributed to this increase. Following this result, the average annual CPI rate for 2015 stands at -0.5 per cent, compared with -0.2 per cent in 2014.
?The price of energy products recorded a year-on-year rate of -7.5 per cent in December, compared with -10 per cent the previous month. This more moderate fall was mainly due to solid and liquid fuels, which slowed the year-on-year rate of decline by more than three points to 10.6 per cent. Electricity prices also had an effect, posting a year-on-year increase of 0.7 per cent, three-tenths higher than the previous month.
The year-on-year rise in the price of all foods remained steady at 1.7 per cent in December. This stability is derived from a slight increase in non-processed foods by one-tenth to 2.5 per cent, and the price stability of processed foods.
In terms of fresh foods, the slight rise was attributable to fresh fruit and fresh and frozen fish, partially offset by chicken and sheep meat prices and by the slowdown in the heading of pulses and fresh vegetables (two per cent compared with 4.4 per cent the previous month).
In turn, the year-on-year rate for processed foods, beverages and tobacco remained steady at 1.4 per cent for the fifth consecutive month. Oil and fats continues to exercise the strongest inflationary pressure under this heading with a year-on-year increase of 23.6 per cent, in spite of the moderation seen in recent months.
The year-on-year CPI rate rose in all autonomous regions in December, standing in positive figures in the Balearic Islands, Catalonia and the Basque Country (0.3 per cent in all three regions), the Region of Valencia (0.2 per cent) and La Rioja (0.1 per cent). Flat rates were posted in the region of Madrid and Andalusia while the rest of the regions posted negative rates. Meanwhile, the annual CPI rate at constant taxes in December stood at zero, the same as the overall CPI rate.