Catalonia ends 2023 with inflation rising slightly to 3.2%

Inflation in Catalonia stood at 3.2% in December, according to figures released on Friday by Spain's National Statistics Institute (INE).

This represents a slight increase of one tenth of a percentage point from November, when the Consumer Price Index (CPI) stood at 3.1%.

Increases in food prices continued to ease, although they were still 6.9% higher than last year. 

Olive oil and other cooking oils stands out as the product with the most significant increase, up 38.4% over the past year.

Other notable increases include legumes and fresh vegetables (up 11.5%), lamb and pork (up 11%), fresh fruit (up 10.4%) and sugar (up 6.7%). 

Core inflation, which doesn’t include energy and unprocessed food, fell to 4% in Catalonia, four-tenths of a percentage point below the November data.

The December data for Catalonia confirms a continuous decline in core inflation during 2023, closing at the lowest level since March 2022.

The figures also show that Catalonia closed 2023 with an average inflation rate of 3.4%, a significantly lower level compared to the previous year, which was around 8%. 

The decline is due to the lower cost of energy, which has been more economical in the past year compared to the peak prices seen in 2022.

Spain ended 2023 with 3.1% inflation

In Spain as a whole, the annual inflation rate in December fell to 3.1%, from 3.2% in November.

The rise in food prices in Spain was also less sharp, although prices were still 7.3% higher than in December of 2022. Core inflation fell to 3.8%.

Spanish Economy Minister Carlos Cuerpo stressed that the latest inflation figures are positive and show the "effectiveness" of the government's efforts to curb rising prices. 

"The growth rates of food prices remain at high levels, but they are moderating and decreasing," he said. 

According to the minister, inflation in Spain will continue to gradually move towards the target of 2% in 2024 and 2025.