SEIDO High Frequency CPI - August 9th 2023
SEIDO High Frequency CPI: Inflation was 2.1% WoW
Weekly inflation accelerated. Consumer prices grew 2.1% WoW, higher than in the previous week (1.2% WoW -revised-). The monthly printing was 6.7% MoM, slightly below the previous value (6.8% MoM). The interannual rate was 114.2% YoY, higher than the last figure (113.1% WoW -revised-).
| Main figures | Previous week (published) | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 1.1% WoW | 1.2% | 2.1% | 6.7% MoM | 114.2% YoY |
| Core inflation | 1.3% WoW | 1.5% | 2.2% | 6.6% MoM | 112.6% YoY |
| Dollarized core | 1.7% WoW | 1.7% | 2.5% | 6.7% MoM | 125.6% YoY |
| Non-dollarized core | 0.8% WoW | 1.2% | 1.8% | 5.0% MoM | 119.5% YoY |
| Food inflation | 0.6% WoW | 0.6% | 2.7% | 7.7% MoM | 132.2% YoY |
Core inflation, seasonal items and regulated prices went up. Weekly core inflation was 2.2% WoW, above the previous figure (1.5% WoW -revised-) while its monthly printing was 6.6% MoM, similar to the previous figure. In addition, prices of seasonal items grew 1.1% WoW, slightly above the previous value (1.0% WoW), and the monthly rate was 7.6% MoM, lower than the previous figure (8.2% MoM -revised-). Lastly, regulated prices increased 3.1% WoW, far above the last value (0.2% WoW), while their monthly printing was 5.7% MoM, below the last figure (5.9% MoM).
Prices of non-dollarized items and dollarized items increased. The weekly printing for non-dollarized items inflation was 1.8% WoW, above the previous 1.2% WoW -revised-, while the monthly printing was 5.0% MoM, lower than the previous value (5.7% WoW). Dollarized items inflation was 2.5% WoW (vs previous 1.7% WoW -revised-), and the monthly figure was 6.7% MoM, higher than the previous figure (6.5% WoW).
Food and Beverages prices sharply accelerated. Our monitoring of Food & Beverages shows a weekly variation of 2.7% WoW, far above the previous figure (0.6% WoW). In addition, the monthly figure was 7.7% MoM, higher than last week´s figure (6.9% WoW).
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was of 44%, an increase from the previous 30%, and far below the August peak of 84%. Moreover, a further 20% of prices are growing between 2% and 4%, below the last 24%. Lastly, 36% of our monitored prices are rising less than 2%, lower than the previous 46%.
