Bankinter : Final CPI January 2024 confirms +3.4% year-on-year (from +3.1% year-on-year previously). Underlying CPI also confirms +3.6% year-on-year (from 3.8% year-on-year previous). Month-on-month 0.1% month-on-month (from 0.0% month-on-month Dec-23) and in the Underlying -0.4% month-on-month (from +0.2% month-on-month Dec-23).
Analysis: With no surprises, the final January data confirm the provisional figures. The difference between the General and Underlying Rate narrows to 0.2pp. The increase in the headline rate is partly due to higher electricity prices ( versus a decline in January of the previous year) and the withdrawal of some anti-inflation measures at the beginning of the year. Our estimate points to 3% year-on-year on average for 2024 and 2.3% year-on-year for 2025.
