Inflation was stable at November’s 16.9% in December. This figure represented the lowest inflation rate since June. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a more moderate pace in December, offsetting stronger price growth for housing, water, electricity, gas and other fuels.
Nevertheless, annual average inflation rose to 15.3% in December (November: 14.6%). Meanwhile, harmonized inflation was stable, coming in at November’s 14.3% in December.
Finally, consumer prices increased 0.91% over the previous month in December, following November’s 0.76% rise.
FocusEconomics panelists project inflation to average 8.8% in 2023, which is up 0.2 percentage points from last month’s forecast, and 3.7% in 2024.