SEIDO High Frequency CPI: Inflation was 0.8% WoW
Weekly inflation moderated. Consumer prices grew 0.8% WoW, lower than in the previous week (1.8% WoW -revised-). The monthly printing was 5.3% MoM, same as the previous figure. Holding inflation constant for the rest of the month, given our previously published figures, inflation would be 4.8% MoM in January. The interannual rate was 107.6% YoY (vs 107% YoY).
| Main figures | Previous week | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 1.8% WoW | 1.8% | 0.8% | 5.3% MoM | 107.6% YoY |
| Core inflation | 2.5% WoW | 2.5% | 0.9% | 4.6% MoM | 97.1% YoY |
| Dollarized core | 2.5% WoW | 2.5% | 0.9% | 4.4% MoM | 105.5% YoY |
| Non-dollarized core | 2.2% WoW | 2.2% | 0.8% | 4.6% MoM | 107.7% YoY |
| Food inflation | 2.6% WoW | 2.7% | 0.9% | 5.2% MoM | 101.8% YoY |
Core inflation and seasonal items prices cooled down while regulated prices adjusted upwards. Weekly core inflation was 0.9% WoW, below the previous 2.5% WoW, while its monthly printing was of 4.6% MoM (above previous 4.3% MoM). In addition, prices of seasonal items rose 0.3% WoW, noticeably below the previous value (1% WoW -revised-), and the monthly rate was 7.5% MoM (vs 9.1% MoM -revised-). Lastly, regulated prices increased 1.3% WoW, while their monthly printing was of 4.7% MoM (up from previous 4.1% MoM).
Prices of dollarized and non-dollarized items slowed down. The weekly printing for dollarized items inflation was 0.9% WoW, sharply below the previous 2.5% WoW, while the monthly printing was 4.4% MoM (vs previous 4% MoM). Likewise, non-dollarized items inflation was 0.8% WoW (vs previous 2.2% WoW), and the monthly figure grew to 4.6% MoM (vs previous 4.3% MoM).
Food and Beverages prices slowed their pace. Our monitoring of Food & Beverages shows a weekly variation of 0.9% WoW, much lower than the previous 2.7% WoW (revised). In addition, the monthly figure was of 5.2% MoM, a small drop from the previous 5.3% MoM (revised).
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was of 57%, a noticeable increase from the previous 49%, but still significantly below the August peak of 84%. Moreover, a further 18% of prices are growing between 2% and 4%, below the previous 22%. Lastly, 26% of our monitored prices are rising less than 2%, a small drop from the previous 29%.
