12 January 2024

Consumer Price Index (CPI)
Harmonised Index of Consumer Prices (HICP)

December 2023

Main results

  • The annual variation rate of the CPI for the month of December stood at 3.1%, one tenth below that recorded in November.
  • The annual rate of core inflation decreased by seven tenths, to 3.8%.
  • The monthly variation of the general rate was 0.0%.
  • The annual rate of the Harmonised Index of Consumer Prices (HICP) stood at 3.3%, same as the previous month.

The annual rate of the overall Consumer Price Index (CPI) in December was 3.1%. This rate is one tenth lower than that recorded the previous month.

The groups which most influenced this decrease in the annual rate were:

  • Food and non-alcoholic beverages had a rate of 7.3%, 1.7 points below that of the previous month. This evolution was due, for the most part, to the fact that the prices of milk, eggs and cheese, bread and cereals, and meat rose less than in December 2022. Prices of legumes y vegetables fell, compared to the increase in 2022.
  • Alcoholic beverages and tobacco, which decreased its variation by 3.7 points, to 3.4%. This behaviour was mainly due to the stability of tobacco prices, which increased in December 2022.

Notable among the groups with a positive contribution were:

  • Transport, whose rate stood at 3.9%, almost four points higher than the last month. This increase was due to the decrease in the prices of fuels and lubricants for personal vehicles, lower than in the same month of 2022.

The annual variation rate of core inflation (general index excluding unprocessed food and energy products) decreased seven tenths, to 3.8%.

Annual CPI Rate. December 2023
Overall and core index. Percentage

Monthly evolution of consumer prices

In December, the monthly variation rate of the general CPI was 0.0%..

The groups with the greatest positive monthly impact to the CPI monthly rate were::

  • Leisure and culture,, which showed a variation of 2.3%, as a result of the increase in prices of tourist packages. The impact of this group on the overall CPI was 0.179.
  • Housing, with a variation of 0.5% and an impact of 0.061 due to the rise in electricity..

On the other hand, among the groups with a negative monthly impact, the following stood out:

  • Transportation, with a rate of -1.2% ,due mainly to the fall in the prices of fuels and lubricants for personal transport. The impact of this group to the overall CPI was -0.172.
  • Clothing and footwear, with a monthly variation of -1.0%, due to the first price drops of the winter sales campaign. The impact of this group to the overall CPI was -0.037.

Results by autonomous communities

The CPI recorded positive annual rates in all the autonomous communities in December. The Canary Islands had the highest (3.8%) and Extremadura the lowest (2.4%).

Annual CPI rates by Autonomous Community. December 2023

Harmonised Index of Consumer Prices (HICP)

In December, the annual variation rate of the HICP stood at 3.3%, the same as that recorded the previous month.

The monthly variation of the HICP was 0.0%.

Annual HICP rate. December 2023
General index. Percentage (the latest Monetary Union figure is progress)

Data review and update

The data published today is final and is not subject to further revision. All the results are available on INEBase.

Methodological note

The Consumer Price Index (CPI) is a short-term indicator that measures the evolution of the prices of consumer goods and services acquired by households resident in Spain.

On the other hand, the Harmonized Index of Consumer Prices (HICP) is an indicator whose objective is to provide a common inflation measure that allows international comparisons.

Type of survey:
continuous monthly periodicity.
Base period:
2021 (CPI) and 2015 (HICP).
Reference period of the weights:
a year prior to the current.
Sample of municipalities:
Number of products:
462 (CPI) and 461 (HICP), for traditional collection, and 493 for scanner data.
Number of observations:
approximately 210,000 monthly prices.
Functional classification:
General calculation method:
Laspeyres’Chain Index.
Collection method:
interviewing agents in establishments, data scanner and centralized collection for special items.

For more information you can access the methodology and the standardized methodological report at (CPI and HICP.)

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices.

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