3rd February 2020

Seido Alert: Inflation in January was 3.8% WoW (see report). Spanish version here

  • In January, our sNCPI, based on the uNCPI (Basket of Urban National Expenditures; 2014), increased 3.8% MoM, against 3.7% in October (revised).
  • Core inflation for the sNCPI was 3.9% MoM, against 3.7% MoM in November (revised).
  • The sNCPI’s statistical carry-over from January to February was 0.9%, considerably lower from the 1.6% received from December. Meanwhile, end-to-end inflation was 3.1% MoM.
  • On the other hand, Regulated and Seasonal items stood at 2.6% MoM and 5,7% MoM respectively. Regarding Regulated items, their variation is mainly explained by the hikes in Cigarettes (6.0% average). Meanwhile, in the case of Seasonal items, we highlight the increase in Fruits (10.2% MoM).
  • The following items mainly boosted inflation: Food and Beverages (+5.5%) and Medical Care expenses (+5.0%).
  • For February, we expect an inflation close to 2.6%. The variation is mainly explained by the statistical carry-over from December

Monthly Inflation,  Proyected monthly inflation and Interannual Inflation 
Monthly variation

Best Regards

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