Overall index Monthly change Change over last Annual change

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1 13 February 2015 Consumer Price Index (CPI). Base 2011 January 2015 all index Monthly change Change over last Annual change January Main results The annual change of the CPI for the of January stands at 1.3%, three tenths below that registered in the. The annual change of core inflation rises two tenths up to 0.2%. The ly change of the overall index is 1.6%. The Harmonised Index of Consumer Prices (HICP) annual change stands at 1.5%, showing a decrease of four tenths as compared to. Annual evolution of consumer prices The annual rate for the overall Consumer Price Index (CPI) in January was 1.3%, three tenths below that registered the. The groups that most contributed to this decrease were: Transport, with a variation of 7.7%, more than two points below that recorded in the. This reduction was due to the decrease in the prices of fuels and lubricants. Housing, with a variation of 0.4%, two tenths below that registered in. This behaviour was a consequence of the decrease in the prices of heating fuels and gas this. Clothing and footwear, whose rate decreased three tenths, reaching 0.1%, due to generalised drops in the prices of its compnts, which were slightly higher than last. CPI JANUARY 2015 (1/14)

2 Food and non-alcoholic beverages, whose rate decreased tenth as compared to, reaching 0.4%. Worth noting in this behaviour was the increase of the prices of fresh fish, lower than that of 2014, and the decrease in the prices of fresh fruit, which increased last. It is also worth noting the increase in the prices of fresh vegetables this, as compared to the drop registered in January Despite the decrease in the annual change of the overall CPI, worth noting was the increase of: Miscellaneous goods and services, whose rate increased four tenths up to 1.7%, due to the increase in the prices of other services and insurance. Recreation and culture, with a variation of 0.7%, five tenths over that recorded in the. Worth noting in this behaviour was the fact that the increase in the prices of package holidays was smaller than in Communications, whose annual rate increased point up to 4.7%, due to the decrease in the prices of ph services, which was smaller than that recorded last. Contribution of the groups to the annual change of the CPI 1. Food and non-alcoholic beverage s Alcoholic beverages and tobacco Clothing and footwear 4. Housing Furniture and household equipment 6. Healt Transport Communications 9. Recreation and culture Education Hotels, cafes and restaurants Miscellaneous goods and services DIFFERENCE IN THE ANNUAL CHANGE OF THE OVERALL CPI 0.3 The annual change for core inflation (overall index excluding unprocessed food and energy products) rose two tenths, standing at 0.2%, point and a half over the rate of the overall CPI. CPI JANUARY 2015 (2/14)

3 1.5 Annual evolution of the CPI General and core index January February March April May June General July August September Core October November 2015 January Monthly evolution of consumer prices In January, the ly change of the overall CPI was 1.6%. Among the groups with a negative contribution to the overall index, worth noting: Clothing and footwear, whose rate of 15.2% showed the behaviour of prices at winter sales. Its contribution to the overall CPI was Transport, whose rate of 2.7%, with a contribution of 0.418, showed the decrease in the prices of fuels and lubricants this. Recreation and culture, with a variation of 1.6% and a contribution of 0.114, reflected the decrease in the prices of package holidays. Furniture and household equipment, whose 0.7% rate had a contribution of Worth noting in this behaviour was the decrease in the prices of household textile products. Restaurants, cafes and hotels, with a variation of 0.3%, which was a consequence of the decrease in the prices of hotels and other accommodations. Its contribution to the overall index was In turn, the groups with the greatest positive contribution to the overall index were: Miscellaneous goods and services, whose 0.8% rate had a contribution of and reflected the increase in the prices of insurances, which is common at this time of the, and in the prices of other services. Food and non-alcoholic beverages, with a rate of 0.3% and a contribution of Worth noting in this behavior was the increase in the prices of fresh vegetables and fresh fish. Housing, with a variation rate of 0.3%, mainly due to the decrease in the prices of electricity. Its contribution to the CPI was CPI JANUARY 2015 (3/14)

4 Monthly evolution of the CPI General index January February March April May June July August September October November 2015 January A more detailed analysis showed the divisions that had the greatest contribution to the ly change of the CPI during the of January. Divisions with the greatest positive contribution to the ly change of the CPI Monthly rate (%) Contribution Food Fresh vegetables Fresh fish Other divisions Electricity Insurance Other services Air transport Divisions with the greatest negative contribution to the ly change of the CPI Monthly rate (%) Contribution Food Fresh fruit Other divisions Clothing Fuels and lubricants Footwear Package holidays Other fuels Hotels and other accommodation Clothing accessories Gas Household textile products Ph services CPI JANUARY 2015 (4/14)

5 Results by Autonomous Community. Annual changes The annual rate of the CPI decreased in all Autonomous Communities. The greatest decrease was registered in Castilla y León ( 1.8%), which stood six tenths below its rate. In turn, the lowest decreases were registered in Comunidad Foral de Navarra ( 1.4%), Comunidad de Madrid ( 1.3%), Comunitat Valenciana ( 1.4%), Andalucía ( 1.4%) and Cataluña ( 0.9%), with a two-tenth decrease. Annual rates of the CPI Autonomous Communities and Cities Melilla Ceuta Cataluña País Vasco Balears, IIles La Rioja Madrid, Comunidad de NATIONAL Andalucía Canarias Comunitat Valenciana Galicia Navarra, Comunidad Foral de Asturias, Principado de Extremadura Aragón Murcia, Región de Cantabria Castilla y León Castilla-La Mancha January CPI JANUARY 2015 (5/13)

6 Harmonised Index of Consumer Prices (HICP) In January, the annual variation rate of the HICP stood at 1.5%, four tenths below that registered in the. The ly change of the HICP was 2.2%. Annual evolution of the HICP, base 2005 all index for Spain and Mtary Union January February March April May June Spain July August September Mtary Union October November 2015 January 1 The last data regarding the Mtary Union refers to the flash estimate. Index of Consumer Prices at Constant Taxes In January, the annual rate of CPI at Constant Taxes (CPI-CT) stood at 1.3%, the same as that of the overall CPI. The ly change of the CPI-CT was 1.6%. In turn, the annual rate of HICP-CT registered an annual change of 1.4%, the same as that of the HICP. The ly change of the HICP-CT was 2.2%. CPI JANUARY 2015 (6/13)

7 Informative annex Updated weightings, CPI 2011 base The National Statistics Institute has carried out the annual update of the weightings used to compute the Consumer Price Index (CPI), in accordance with the CPI System, 2011 base. The CPI, 2011 base, is distinguished by its dynamism and ability to adapt to changes in consumer behaviour, via the analysis of the evolution of expenditure. With this objective, an in-depth study is carried out of the changes noted in the market. As a result of this study, the CPI weighting structure was updated in The information used for the update is taken from the Household Budget Survey (HBS) and from other sources. In this way, the CPI reflects the changes in habits of consumers occurring in the last. The changes entered do not affect continuity of the CPI series, 2011 base, since the computation formula of the 2011 System consists of chain-linking the indices, so that no break occurs. Therefore, the weighting update does not affect the published changes. The following table shows the weightings used during 2014 and those, which will be used during 2015 to compute the overall CPI and that of the following groups: Weightings. all and groups Groups CPI, 2011 base CPI, 2011 base Weightings, 2014 Weightings, Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing Furnishings, household equipment and routine maintenance of the house Health Transport Communications Recreation and culture Education Restaurants, cafés and hotels Other goods and services OVERALL Updated CPI weightings Likewise, weightings used to compute the CPI have also been updated, to adapt it to the changes in consumer behaviour. Information on new weightings, as well as those used in s, from the 2001, is available on the INE website ( CPI JANUARY 2015 (7/13)

8 Consumer Price Index. Base 2011 January February National indices: overall and groups Group Index % change Contribution previou last previou last GENERAL 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 Hotels, cafes and restaurants Miscellaneous goods and services National special aggregates indices Special aggregates Index % change previou 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 2015 (7/13)

9 3. National headings indices Index last y % 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 2015 (8/13)

10 4. Indices of Autonomous City and Community: overall and groups (Continues) Groups Index % change Index % change Index % change 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 Hotels, cafes and restaurants 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 Hotels, cafes and restaurants Miscellaneous goods and services CPI - JANUARY 2015 (9/13)

11 4. Indices of Autonomous City and Community: overall and groups (Continuation) Groups Index % change Index % change Index % change 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 Hotels, cafes and restaurants 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 Hotels, cafes and restaurants Miscellaneous goods and services CPI - JANUARY 2015 (10/13)

12 4. Indices of Autonomous City and Community: overall and groups Groups Index % change Index % change Index % change last last (Completion) 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 Hotels, cafes and restaurants 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 Hotels, cafes and restaurants 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 Hotels, cafes and restaurants Miscellaneous goods and services CPI - JANUARY 2015 (11/13)

13 '13 February 2015 Consumer Price Index at Constant Taxes Base 2011 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 fod including beverages and tobacco Unprocessed food Food, beverages and tobacco Unprocessed food and energy Industrial goods Durable industrial goods Engergy 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 SUBSIDES CPI JANUARY 2015 (12/13)

14 13 February 2015 Harmonized Index of Consumer Prices, 2005=100 January National indices: all and groups Group Index % change 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 CPI JANUARY 2015 (13/13)