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article_detail
Date Published: 13/08/2020
ARCHIVED - Cost of living fell during July by 1.1 per cent in the Murcia Region
The Consumer Price Index assesses price changes associated with the cost of living
On Thursday the National Institute of Statistics published monthly figures relating to the Consumer Price Index (CPI), which examines the daily cost of living, the final data coinciding with the provisional data from the end of last month.
The CPI fell 0.9% in July nationally in relation to the previous month and cut its interannual rate by three tenths, to -0.6.
The agency attributes this new drop in the CPI to the cheaper tourism and hospitality industry and, to a lesser extent, to the lower prices of food, which reduced their price this month more than in July 2019, after the large rise that was experienced during the months of confinement. The only item that influenced the rise in the CPI in July was transport, due to the rise in fuel and lubricant prices more than a year earlier.
By groups, the greatest decreases occurred in the clothing and footwear group, coinciding with the annual sales, which fell by 14.4%, and also in the communications sector, with -1.7; while food and non-alcoholic beverages registered -1.4, hospitality -0.4, alcohol and tobacco (-0.2), and household goods (-0.1) .
The prices of education did not suffer changes, while they rose in transport (1.1) and leisure and culture (1.2) and housing (0.5). So far this year, the most inflationary groups have been hospitality (1.2) and alcohol and household goods (1.0), while the most deflationary were clothing (-15.9), transportation (-5.8) and housing (-1.1).
The rate varied from region to region and in the Murcia region the drop was 1.1% during July, showing an accumulated decrease of 1.8% year to date.
What is the Consumer Price Index (CPI)?
The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price changes associated with the cost of living. The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
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