SEIDO High Frequency CPI - February 22nd 2023
SEIDO High Frequency CPI: Inflation was 0.7% WoW
Weekly inflation slowed down. Consumer prices grew 0.7% WoW, lower than in the previous week (1.2% WoW). The monthly printing was 5.8% MoM, below the previous figure (6% MoM). Holding inflation constant for the rest of the month, given our previously published figures, inflation would be 5.7% MoM in February. The interannual rate was 105.9% YoY (vs 108.6% YoY).
| Main figures | Previous week (published) | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 1.2% WoW | 1.2% | 0.7% | 5.8% MoM | 105.9% YoY |
| Core inflation | 1.9% WoW | 1.9% | 1.1% | 7.3% MoM | 101.9% YoY |
| Dollarized core | 1.7% WoW | 1.7% | 1.3% | 7.9% MoM | 113.9% YoY |
| Non-dollarized core | 2.6% WoW | 2.6% | 0.1% | 6.7% MoM | 108.0% YoY |
| Food inflation | 2.2% WoW | 2.2% | 1.4% | 9.3% MoM | 110.1% YoY |
Core inflation kept growing while seasonal items remained stable. Weekly core inflation was 1.1% WoW, below the previous 1.9% WoW, while its monthly printing was 7.3% MoM (similar to the previous 7.4 MoM). In addition, prices of seasonal items remained stable at 0% WoW, higher than the previous value (-0.2% WoW), and the monthly rate was 1.2% MoM (vs 1.9% MoM ). Lastly, regulated prices increased by 0.2% WoW, while their monthly printing was 6.4% MoM (the same as the previous week).
Prices non-dollarized dropped, while dollarized slowed down. The weekly printing for dollarized items inflation was 1.3% WoW, below the previous 1.7% WoW, while the monthly printing was 7.9% MoM (vs previous 7.7% MoM). On the other hand, non-dollarized items inflation was 0.1% WoW (sharply below previous 2.6% WoW), and the monthly figure fell to 6.7% MoM (vs previous 7.2% MoM -revised-).
Food and Beverages prices continued climbing. Our monitoring of Food & Beverages shows a weekly variation of 1.4% WoW, substantially lower than the previous 2.2% WoW. In addition, the monthly figure was 9.3% MoM, a little higher than the previous 9.2% MoM.
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was 47%, falling from the previous 57%, and still significantly below the August peak of 84%. Moreover, a further 25% of prices are growing between 2% and 4%, an important jump from the previous 18%. Lastly, 28% of our monitored prices are rising less than 2%, the same level as the previous week.
