In December 2024, the Consumer Price Index (CPI) recorded an annual rate of 2.8%, marking a four-tenths increase compared to the previous month.
Key Drivers of the CPI Increase
The groups contributing most to this rise were:
- Transport: With an annual rate of 0.6%, up by 1.6 points, driven by higher prices for fuel and lubricants for personal vehicles, contrasting with the decline seen in December 2023.
- Leisure and Culture: Reached an annual variation of 3.2%, up 1.2 points, mainly due to the increased cost of package holidays.
Core Inflation Trends
Core inflation (excluding unprocessed food and energy products) also rose, increasing by two-tenths to 2.6%.
Monthly CPI Variation
On a monthly basis, the general CPI rose by 0.5%, with the following groups standing out:
- Leisure and Culture: Posted a variation of 3.5%, contributing 0.294 points to the general index, due to higher prices for package holidays.
- Housing: Showed a variation of 0.6%, with a contribution of 0.071 points, driven by rising electricity prices.
Harmonized Index of Consumer Prices (HICP)
The HICP also reached an annual rate of 2.8%, four-tenths higher than in November. Its monthly variation was 0.4%, with Transport showing a 0.4% increase due to higher prices for fuel and lubricants.
Regional Results
The CPI showed positive annual rates across all autonomous communities. The Basque Country recorded the highest rate at 3.6%, while Canary Islands had the lowest at 2.2%.
This CPI uptick reflects inflationary pressures driven by transport and leisure sectors, highlighting the need to closely monitor price trends in the coming months.
source: INE