SEIDO High Frequency CPI: Inflation was 1.7% WoW
Weekly inflation sharply accelerated. Consumer prices grew 1.7% WoW, significantly higher than in the previous week (0.7% WoW -revised-). The monthly printing was 5.4% MoM, above the previous figure. Holding inflation constant for the rest of the month, given our previously published figures, inflation would be 5.5% MoM in January. The interannual rate was 106.6% YoY (vs 107.5% YoY -revised-).
| Main figures | Previous week (published) | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 0.8% WoW | 0.8% | 1.7% | 5.4% MoM | 106.6% YoY |
| Core inflation | 0.9% WoW | 0.8% | 2.3% | 5.3% MoM | 98.6% YoY |
| Dollarized core | 0.9% WoW | 0.8% | 2.2% | 5% MoM | 106.9% YoY |
| Non-dollarized core | 0.8% WoW | 0.8% | 2.7% | 5.4% MoM | 104.4% YoY |
| Food inflation | 0.9% WoW | 0.7% | 3.4% | 5.8% MoM | 104.7% YoY |
Core inflation and seasonal items prices heated up. Weekly core inflation was 2.3% WoW, sharply abovethe previous 0.8% WoW (revised), while its monthly printing was of 5.3% MoM (above previous 4.6% MoM). In addition, prices of seasonal items rose 0.8% WoW, higher than the previous value (0.2% WoW -revised-), and the monthly rate was 6% MoM (vs 7.4% MoM -revised-). Lastly, regulated prices increased 0.2% WoW, while their monthly printing was of 5.3% MoM (up from previous 4.7% MoM).
Prices of dollarized and non-dollarized items sped up. The weekly printing for dollarized items inflation was 2.2% WoW, sharply above the previous 0.8% WoW (revised), while the monthly printing was 5.1% MoM (vs previous 4.3% MoM -revised-). Likewise, non-dollarized items inflation was 2.7% WoW (vs previous 0.8% WoW), and the monthly figure grew to 5.4% MoM (vs previous 4.6% MoM).
Food and Beverages prices accelerated. Our monitoring of Food & Beverages shows a weekly variation of 3.4% WoW, multiple times higher than the previous 0.7% WoW (revised). In addition, the monthly figure was of 5.8% MoM, a small jump from the previous 5.2% MoM (revised).
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was of 54%, a slight decrease from the previous 56%, and still significantly below the August peak of 84%. Moreover, a further 22% of prices are growing between 2% and 4%, above the previous 18%. Lastly, 24% of our monitored prices are rising less than 2%, a small drop from the previous 27%.
