Wednesday, October 4, 2023

Despite the effect of the drought, inflation is controlled in February: what prices have been affected by the lack of rain?

The inflation The 12-month rate slowed for the fifth consecutive month in February, although the effect of the drought had an upward impact on the prices of fruits and vegetables.

As reported yesterday by National Statistics Institute (INE) in February the Consumer Price Index It rose 1% and with a higher rise in February 2022 (1.47%), inflation in the last 12 months went from 8.05% to 7.55%.

Regardless, it is still outside the government’s target of between 3% and 6%.

The fifth slowdown followed inflation, with the 12 months ending in September 2022 hitting a peak of 9.95%.

In the first two months of the year, the CPI grows by 2.57%.

The biggest declines in the CPI in February were Food and non-alcoholic beverages (0.48 percentage points) and housing (0.18 percentage points).

The price of lemons increased, the biggest jump in the fruit line, followed by oranges with 22.9%. A prolonged drought caused the rise.

monthly growth of carol in February, the highest percentage within the vegetable category, followed by potatoes and potatoes.

INE presents the disaggregated data and, in the category of Food and non-alcoholic beverages, it indicates that bread and bakery products had an increase of 1.02%. The increase in the price of piped bread (+1.14%) and sweet cookies (+2.11%) stands out.

The price of fresh, chilled or frozen food fell by 0.61%. The fall in the prices of pork (-7.29%), carré and pork pulp (-3.65%), and whole chicken (-1.16%) is significant. Meanwhile, sheep meat (+3.97%).

The biggest impact in this category comes from fruits and vegetables.

The authors warned of the impact of the drought in the region, which mainly affected fruit and vegetable crops. The decrease in production due to climatic reasons (deficits and water temperatures) affected the size (not so much the quality, although this varies according to the product) and quantity, which translated into an increase in price.

Their fruit and nut prices increased by 7%. This increase in the prices of lemons (+37.78%), oranges (+22.89%), apples (+3.70%) and peaches (+12.44%) is particularly noticeable, while the price of pears fell (-13.62%).

Vegetables, tubers and legumes are increased by 14.77%. In lettuce (+14.47%), mustard (+8.31%), bell pepper (+7.98%), tomatoes (+22.60%), mango (+48.45%), onions, leeks, green onions (+8.16%). and potatoes (+32.94%). The drop in price is Creole squash, squash and kabutiá (-7.47%).

Already in January, the abundance of fruit vegetables, such as bell peppers and tomatoes, and some leafy vegetables, such as chard, lettuce or leeks, and citrus fruits, especially lemons, have particularly decreased. This continued in February.

The situation in January showed a significant drop in the supply of resources at the Metropolitan Agri-Food Unit (UAM).

The Central Bank (BCU) has estimated that the impact of the drought on consumer prices will be short-lived.

With an increase of 1.37% in February, there is an increase of this type of income (+0.53%), common expenses (+1.90%) and supers (+15.79%).

In furniture, furniture and other furniture, the regular result was 1.15%.

Domestic service growth, for its part, was 3% according to INE.

Control of health and financial services, with an increase in prices of 1.54%, an increase was reported, especially in the mutual rate control system.

The increase in drug tickets (+2.7%), clinical analyst tickets (+2.05%) and medical consultation orders (+2.79%) stands out.

The price increases in educational services, 1.48%, is explained by the rise of preschool (+1.15%), primary (+1.26%), secondary (+1.34%), courses of music, singing, dancing, plastic arts (+4.31. %), languages (+2.63%) and business education (+4.15%).

It stands out in the increase in insurance and financial services (+0.74%), in the increase in loan payments (+5.62%) and in the mobile medical emergency fee (+3.75%).

Nation World News Desk
Nation World News Desk
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