The Consumer Price Index (CPI) rose by 0.4% in December compared to the previous month, increasing its year-on-year rate by four tenths to 2.8%, according to preliminary data released on Monday by the National Institute of Statistics (INE). The agency explains that the increase is due to the rise in fuel prices and, to a lesser extent, to the prices of leisure and culture, which increased more in December than in the same month of the previous year.
With the year-on-year CPI increase in the last month of 2024, inflation has recorded three consecutive months of rises and reached its highest value since July, when it was also at 2.8%. The Ministry of Economy, Trade, and Business has attributed the year-on-year CPI increase to the base effect caused by fuel prices. However, the department led by Carlos Cuerpo has highlighted that the CPI closed 2024 eight tenths below the average for 2023, which was 3.6%.
The INE includes in its CPI data advance an estimate of core inflation (excluding unprocessed food and energy products), which rose by two tenths in December to 2.6%, remaining two tenths below the general index.
Spain’s CPI rises 0.4% in December, reaching 2.8%
