Overall index Monthly variation Accumulated variation Annual variation January

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1 15 February 2017 Consumer Price Index (CPI). Base 2016 January 2017 all index Monthly variation Accumulated variation Annual variation January Main results The annual variation of the CPI for the of January stands at 3.0%, almost and a half percentage point above that registered in the. The annual rate of core inflation increases tenth, reaching 1.1%. The ly variation of the overall index is -0.5%. The annual rate of the Harmonised Index of Consumer Prices (HICP) stands at 2.9%, increasing and a half percentage point as compared with. The INE is today publishing the first Consumer Price Index in base Annual evolution of consumer prices The annual variation rate of the overall Consumer Price Index (CPI) in the of January was 3,0%, almost and a half percentage point above that registered in the and the greatest since October The groups with the greatest positive influence in this annual rate increase were: Housing, which registered a variation rate of 7.4%, more than six and a half percentage points above that of the, mainly due to the increase in the prices of electricity, as compared to the decrease they experienced in Another reason for this variation though to a lesser extent was the increase in the prices of heating gas oil and gas, which decreased in CPI JANUARY 2017 (1/15)

2 Transport, with a variation of 7.6%, almost three points above that of, caused almost entirely by the increase in the prices of fuels this, compared with the decrease registered in January On the other hand, the groups with the most negative influence were: Other goods and services, which variation rate decreased five tenths to 1.4%, due to the behaviour of Insurance. Communications, that registered an annual rate of 2.6%, seven tenths lower than that of the, mainly due to the decrease in the prices of Teleph services, which increased in Contribution of the groups to the annual change of the CPI 1. Food and non-alcoholic beverages 2. Alcoholic beverages and tobacco Clothing and footwear Housing Furnishing and household equipment Health Transport Communications Leisure and culture 10. Education Hotels, cafes and restaurants 12. Other goods and services DIFERENCE IN THE ANNUAL CHANGE OF THE OVERALL CPI 1.4 The annual variation of core inflation (overall index excluding unprocessed food and energy products) increased tenth up to 1.1%, standing almost two points below the overall CPI rate. CPI JANUARY 2017 (2/15)

3 Annual evolution of the CPI all and core January February March April May June all July August September Core October November 2017 January Monthly evolution of consumer prices In January, the ly variation rate of the overall CPI was -0.5%. The groups with the greatest negative contribution to the overall index were: Clothing and footwear, with a variation rate of -15.3%, which includes the effect of the winter sales. Its contribution to the overall CPI was Leisure and culture, with a variation of -1.5% and a contribution of , mainly due to the decrease in the prices of tourist packages. Furniture and household equipment, which registered a variation rate of -0.9%, due to the decrease in the prices of most of its compnts. The contribution of this group to the overall CPI was In turn, the groups with greater positive contribution to the overall index were: Housing, with a variation rate of 2.8%, mainly due to the increase in the prices of electricity. Its contribution to the overall CPI was Food and non-alcoholic beverages, whose 0.7% rate contributed by Worth noting in this behaviour was the increase in the prices of fresh vegetables and fish and seafood. Transport, which registered a variation rate of 1.0% and a contribution of 0.140, due to the increase in the prices of fuels. CPI JANUARY 2017 (3/15)

4 Monthly evolution of the CPI all index January February March April May June July August September October November 2017 January A more detailed analysis showed the divisions that had the greatest contribution to the ly rate of the CPI during the of January. Activities with the greatest negative contribution to the ly rate of the CPI Food products Monthly rate (%) Contribution Fruit Other divisions Clothes Footwear Tourist packages Accommodation services Other clothing and haberdashery articles Household textiles Divisions with the greatest positive contribution to the ly change of the CPI Food products Monthly rate (%) Contribution Fresh vegetables Fish and seafood Other divisions Electricity Fuels and lubricants for personal vehicles Gas Tobacco CPI JANUARY 2017 (4/15)

5 Results by Autonomous Community. Annual variation rates The annual rate of the CPI increased in all the Autonomous Communities. The highest increases were registered in Castilla y León, with an increment of 1.8 points, and in Comunitat Valenciana and Castilla La Mancha, with an increase of 1.7 points in both. In turn, Comunidad Foral de Navarra, Canarias and Cataluña registered the lowest increases, of 1.1, 1.2 and 1.2 points respectively. Annual CPI rates Autonomous Cities and Communities Castilla y León Castilla-La Mancha Galicia Cantabria Cataluña La Rioja Andalucía Asturias, Principado de Comunitat Valenciana Murcia, Región de NACIONAL Aragón Balears, IIles Extremadura Navarra, Comunidad Foral de País Vasco Melilla Madrid, Comunidad de Canarias Ceuta January CPI JANUARY 2017 (5/15)

6 Harmonised Index of Consumer Prices (HICP) In January, the annual variation rate of the HICP stood at 2.9%, and half percentage point above that registered in the. The ly change of the HICP was -1.0%. Annual evolution of the HICP, base 2005 all index for Spain and Mtary Union January February March April May June July August September October November 2017 January Spain Mtary Union 1 The latest data from the Mtary Union refers to the flash estimate Consumer Price Index at Constant Taxes In January, the annual variation rate of the Consumer Price Index at Constant Taxes (CPI-CT) stood at 3.0%, remaining the same as that of the overall index. The ly change of the CPI-CT was -0.5%. In turn, the CPI-CT registered an annual change of 2.9%, remaining the same as that of the HICP. The ly variation rate of the CPI-CT was -1.0%. CPI JANUARY 2017 (6/15)

7 Informative annex Main features of the CPI base 2016 The INE is today publishing the first Consumer Price Index in base With the implementation of the new base, the objective is to improve the representative nature of this indicator via changes in the composition of the shopping basket and updating the weighting structure. In addition, the CPI base 2016 incorporates the new European consumption classification, known as ECOICOP (European Classification of Individual Consumption by Purpose). This classification provides a further breakdown of the expenditure sections in which the information normally disseminated is structured. For example, the number of subclasses (aggregations of good and services at the highest level of detail) which was 126 in the base 2011 increases to 219 in the new base. Changes in the shopping basket The selection of the products representative of the household consumption comprising the CPI shopping basket is carried out based on the importance of the expenditure made on each of them. The composition of the basket is reviewed annually and updated to include new products whenever their consumption begins to be significant and to exclude those that are no longer purchased by households. The most significant changes in the configuration of the shopping basket base 2016 are the incorporation of music and video on-line services, gambling or the single-serve coffee in the food products. On the other hand, some examples of articles which disappear in the basket are the brandy, the video camera or the recordable DVD, among others. As a results of these adjustments, the shopping basket of the CPI base 2016 will now have 479 items, as compared with the 489 items for the base. Updating of the weightings The ongoing adaptation of the CPI to changes in consumer behaviour also includes the permanent revision of its weighting structure. Each, the weight and importance of the large aggregates comprising this indicator are updated, thus maintaining the current nature thereof. In addition, the complete structure is updated every five s for all levels of disaggregation. Therefore, CPI base 2016 includes a new weighting structure that more precisely represents household consumption patterns. For this purpose, the Household Budget Survey (HBS) is used as the main source of information, and it is supplemented by information from the National Accounts, the CPI itself and other sources provided by the different sectors. The following table includes the weight of each of the 12 large groups, and their comparisons with the weights valid until the CPI JANUARY 2017 (7/15)

8 Group weightings (so much per hundred) Group Variation (%) 01. Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communication Leisure and culture Education Restaurants, cafés and hotels Other goods and services TOTAL : The detailed information regarding the new weightings is available on the INE website ( Conceptual changes in the consumption area A new definition in the consumption area has been introduced into the new CPI base 2016, based on the concept of final consumption expenditure of households of the European System of Accounts (ESA). This requires to adjust some of the estimates of the expenditure from the HBS in order to adapt the CPI to these conceptual requirements. This adaptation affects the weighting of Insurance, where the amount in remuneration received by households is deducted from the gross expenditure from the HBS, and of second-hand cars, whose expenditure shifts from including all transactions to incorporate only those between households and companies. Treatment of seasonal items The CPI considers seasonal items to be those goods or services that cease to be available for sale during certain periods throughout the, and this situation is repeated cyclically. The items to which this definition refers are fresh fruit and fresh vegetables. A new methodological approach has been incorporated in the new base, which consists in the estimation of prices of goods that are not available in the market. In this way a more precise measurement in the evolution of prices is achieved. Chained series The changes introduced in the CPI have caused some of the elements involved in the computation of this indicator to differ from those used for base With the aim that the results of the CPI wont be affected by the incorporation of changes in the new base, the INE will elaborate the corresponding chained series, so as to provide continuity to the information that has been published until now. CPI JANUARY 2017 (8/15)

9 Consumer Price Index. Base 2016 January February National indices: overall and groups Group Index % change Contribution last last OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services National special aggregates indices Special aggregates Index % change last Processed food including beverages and tobacco Unprocessed food Food, beverages and tobacco Unprocessed food and energy Industrial goods Durable industrial goods Energy Fuels and gas Industrial goods excluding electricity Industrial goods excluding energy Services Services excluding rentals for housing all index excluding food, beverages and tobacco all index excluding rentals for housing all index excluding energy CORE INFLATION (all index excluding unprocessed food and energy) all index excluding tobacco all index excluding tobacco all index excluding fuels CPI JANUARY 2017 (7/13)

10 3. National headings indices Index last % change Contribution % change Contribution % change 01. Cereals and by-products Bread Bovine meat Sheep meat Swine meat Poultry meat Other meats Fresh and frozen fish Seafood and processed fish Eggs Milk Milk-based products Oils and fats Fresh fruit Canned and dried fruit Fresh vegetables Processed vegetables Fresh potatoes and potatoes preparations Coffee, cocoa and infusions Sugar Other food products Mineral waters, soft drinks and juices Alcoholic beverages Tobacco Garments for men Garments for women Garments for children and babyclothes Clothing accesories and repair Footwear for men Footwear for women Footwear for children and infants Repair of footwear Rentals for housing Heating, electricity and water supply Maintenance and repair of the dwelling Furniture and floor coverings Household textiles and decorations Household appliances including repair Household utensils and tools Non-durable household goods Household services Medical, dental and paramedical services Medical products, appliances and equipment Personal transport Local transport Long-distance transport Communications Recreational items Printed matter Recreational services Pre-primary and primary education Secondary education Tertiary education Other educational goods and services Personal effects Tourism, catering and accommodation services Other goods and services CPI JANUARY 2017 (8/13)

11 4. Indices of Autonomous City and Community: overall and groups Grupos Index % change Index % change Index % change (Continues) last last last Andalucía Aragón Asturias, Principado de OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services Balears, Illes Canarias Cantabria OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services

12 4. Indices of Autonomous City and Community: overall and groups Grupos Index % change Index % change Index % change (Continuation) last last last Castilla y León Castilla-La Mancha Cataluña OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services Comunitat Valenciana Extremadura Galicia OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services

13 4. Indices of Autonomous City and Community: overall and groups Groups Index % change Index % change Index % change (Completion) last last last Madrid, Comunidad de Murcia, Región de Navarra, C. Foral de OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services País Vasco Rioja, La Ceuta OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services Melilla OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services

14 Consumer Price Index at Constant Taxes Base 2016 January National indices at Constant Taxes: overall and groups Group Index % change OVERALL INDEX AT CONSTANT TAXES Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services National indices at Constant Taxes: overall and special aggregates Special aggregates Index % change OVERALL INDEX AT CONSTANT TAXES Processed food including beverages and tobacco Unprocessed food Food, beverages and tobacco Unprocessed food and energy Industrial goods Durable industrial goods Energy Fuels and gas Industrial goods excluding electricity Industrial goods excluding energy Services Services excluding rentals for housing all index excluding food, beverages and tobacco all index excluding rentals for housing all index excluding energy CORE INFLATION (all index excluding unprocessed food and energy) all index excluding tobacco all index excluding services all index excluding fuels OVERALL INDEX AT CONSTANT TAXES AND SUBSIDIES

15 Harmonized Index of Consumer Prices. 2015=100 January National indices: all and groups Group Index % change 15 February 2017 OVERALL INDEX Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furniture and household equipment Health Transport Communications Recreation and culture Education Restaurants, cafes and hotels Miscellaneous goods and services National index and at constant taxes General Index % change HICP at Constant Taxes HICP For further information see INEbase - All press releases at: Press Office: Teleph numbers: / Fax: gprensa@ine.es Information Area: Teleph number: Fax: CPI JANUARY 2017 (13/13)