Spain's Consumer Price Index (CPI) y/y demonstrates changes in average prices for a consumer basket of goods and services in the specified month compared to the same month of the previous year. The index shows how prices change from the consumer perspective. In other words, it allows estimating changes in the cost of living. The purpose of this annually published index is to reflect changes in prices for goods and services from the consumer basket, while the related data is obtained by interviewing Spanish households.
In order to track the consumer behavior model, the goods and services most frequently used among the majority of the population are selected for the consumer basket. Companies involved in calculations should be widespread, while the importance of each product or service included in the consumer basket should be consistent with household consumer trends. The accuracy of selected components selects the representative accuracy of the index itself.
The price data is collected from a survey which is automatically created for each institution. The interviewer marks in the document the prices for goods and services included in the consumer basket, as well as the distribution of these goods and services. Each interviewer visits one place, with the exception of hypermarkets and shopping centers. About 220,000 prices received from the survey are processed on the monthly basis. The prices are further processed in central offices, indexes are calculated on their basis and are published within the first two weeks of the next month. Similar to most of European Union countries, the prices included in the CPI calculation are selected in a certain predefined manner to exclude the probability factor and to comply with the analyzed population characteristics.
Weighing is performed based on consumer spending. This is used to maintain the general weighing structure for the consumer basket.
The Consumer Price Index is often used for the evaluation of national inflation as the CPI increase indicates the inflation increase. Thus, the consumer price index is used to adjust wages and social benefits, as well as regulating the property tax structure and calculating the actual GDP.
The CPI growth is seen as positive for the euro quotes.
The chart of the entire available history of the "Spain Consumer Price Index (CPI) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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