“In annual variation, consumer prices would have evolved at a pace not seen since 2008, showing an increase of 3.6%, instead of 0.1% during the same period of 2021,” says the HCP in a note of conjuncture.
This acceleration would have been mainly due to the surge in food prices of +5.3%, explains the note which reports the situation of the main economic indicators observed for the fourth quarter of 2021, estimated for the first quarter of 2022 and reporting the forecasts for the second quarter.
The prices of food products excluding fresh produce would have recorded an increase of 6.4%, driven by the increase in those of cereal-based products and vegetable oils. The prices of fresh products also increased, particularly those of poultry meat, which contributed 1.9 percentage points to the price increase.
Excluding food products, prices would have increased by 2.5%, under the effect of increases in the prices of energy products, transport and the acceleration of those of manufactured products, against the background of tensions linked to supply difficulties and increases in industrial production costs.
Underlying inflation, which excludes the prices subjected to the intervention of the State and the products with volatile prices, would have, for its part, clearly progressed, to reach +3.4% in the first quarter of 2022, pulled by the very dynamic evolution of its components, in particular food and manufacturing, notes the HCP.