August 2024
According to Law 2/2015, of 30 March, on the de-indexation of the Spanish economy (BOE 31/03/2015), the INE is responsible for the calculation and monthly publication of the Competitiveness Guarantee Index (GCI).
This index establishes a price revision rate consistent with the recovery of competitiveness vis-à-vis the euro area. This rate will be equal to that of the Harmonised Index of Consumer Prices (HICP) of the EMU minus a part of the loss of competitiveness accumulated by Spain since 1999. When the rate of change of this index falls below 0 percent, this value will be taken as a reference, which would be equivalent to the application of the non-revision rule. When the rate of change of this index exceeds the European Central Bank’s medium-term annual inflation target (2 per cent), this value will be taken as the reference value. This ensures that the contracts to which this new index is applied contribute to guaranteeing the maintenance of the economy’s competitiveness in the medium term.
More information at INE