SEIDO High Frequency CPI - February 8th 2023
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 (1.1% WoW). The monthly printing was 5.7% MoM, above the previous figure (5.6% MoM). Holding inflation constant for the rest of the month, given our previously published figures, inflation would be 6.4% MoM in February. The interannual rate was 107.5% YoY (vs 106% YoY -revised-).
| Main figures | Previous week (published) | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 1.1% WoW | 1.1% | 1.7% | 5.7% MoM | 107.5% YoY |
| Core inflation | 0.7% WoW | 0.7% | 2.3% | 6.5% MoM | 100.1% YoY |
| Dollarized core | 1.2% WoW | 1.2% | 2.1% | 6.7% MoM | 110.9% YoY |
| Non-dollarized core | 0.3% WoW | 0.3% | 2.8% | 6.2% MoM | 109.5% YoY |
| Food inflation | 0.8% WoW | 0.8% | 3.4% | 7.7% MoM | 109.1% YoY |
Core inflation accelerated while seasonal items prices turned positive. Weekly core inflation was 2.4% WoW, sharply above the previous 0.7% WoW, while its monthly printing was of 6.5% MoM (above previous 6.1% MoM). In addition, prices of seasonal items grew 0.8% WoW, higher than the previous value (-0.2% WoW -revised-), and the monthly rate was 2.8% MoM (vs 4.2% MoM -revised-). Lastly, regulated prices increased 0.2% WoW, while their monthly printing was of 6.5% MoM (up from previous 5.9% MoM).
Prices of dollarized and non-dollarized items heated up. The weekly printing for dollarized items inflation was 2.8% WoW, sharply above the previous 1.2% WoW (revised), while the monthly printing was 6.7% MoM (vs previous 6% MoM -revised-). Likewise, non-dollarized items inflation was 2.1% WoW (vs previous 0.3% WoW -revised-), and the monthly figure grew to 6.2% MoM (vs previous 5.9% MoM -revised-).
Food and Beverages prices shot up. Our monitoring of Food & Beverages shows a weekly variation of 3.4% WoW, multiple times higher than the previous 0.8% WoW (revised). In addition, the monthly figure was of 7.7% MoM, a jump from the previous 6.7% MoM (revised).
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was of 52%, a slight decrease from the previous 54%, and still significantly below the August peak of 84%. Moreover, a further 23% of prices are growing between 2% and 4%, slightly above the previous 21%. Lastly, 26% of our monitored prices are rising less than 2%, a small increase from the previous 25%.
