Inflation debuts in 2024 with a year-on-year increase of 3.4%, three tenths more than in December, according to the leading indicator of the Consumer Price Index (CPI), which will not be confirmed until next February 15, and may suffer slight upward or downward alterations.
Inflation is once again registering increases after two consecutive months of moderating and is from 3.5% in October. The data reflects the rise in electricity prices compared to the drop they experienced in January 2023. The indicator, on the other hand, is pulling down the indicator, whose prices are now falling when they rose in January 2023. In rate monthly, prices rise 0.1% in January compared to December.
The core CPI, which does not take into account the more volatile evolution of the prices of unprocessed food and energy, instead falls two tenths to 3.6%, which represents the lowest rate since March 2022 and leaves the differential with the general indicator in only two tenths.
The general CPI for January is one tenth above the figure estimated by the Funcas experts, who expected that the CPI, the main indicator of price inflation, would rise punctually this January and expect it to remain above 3% throughout 2024. The evolution of food prices will fluctuate and will depend largely on climatic conditions.
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“Throughout the year it will move with ups and downs due to the step effects in energy products, without a clear downward trend, so that the annual average will be 3.2%. Core inflation will go down and “The annual average will be 2.9%. At the end of the year it will still remain above the 2% objective,” Funcas said.
The Minister of Economy, Commerce and Business, Carlos Body, has positively assessed that the January inflation figure remains contained at around 3%, and in addition the underlying inflation continues to moderate to 3.6%, practically reaching its minimum value. in last two years.
“The path of inflation moderation continues, which is compatible with the maintenance of support measures for households and companies most affected by the rise in prices. We are demonstrating from the Government that it is possible to combine economic growth, job creation and measures intended for the social protection and well-being of citizens, homes and companies,” he points out.
