The inflation rate stays at 2.4% in December: wages will fall five tenths
At that rate is referenced in the already low wages of the Spanish
The annual consumer price index (HICP) in Spain has dropped five tenths in December to 2.4%, but rose one tenth in relation to November, as reported today the National Statistics Institute (INE).
According to INE, the chained CPI annual rate in December 2011 its third consecutive decline and marked its lowest since November 2010, when inflation stood at 2.3%.
As is known, the data of December inflation is important for the salaries of workers, since in some collective agreements are used to determine the salary increase the following year and in others it is a reference to compensate for the deviation of the inflation forecast at the beginning of the year. That means that wages will fall of 2012 to 2011 five tenths. That is, on one hand well, because prices do not rise but fall. But on the other, evil, because they also lower wages, even more, in Spain, one of the countries with the lowest wages in Europe.
Furthermore, as we reported recently, the Federation of Independent Users and Consumers has made a calculation whereby each taxpayer will face Spanish this year extra payment of 679 euros due to increases in the income tax, property tax, mortgage and utilities such as gas natural and water.
What the Government has said the inflation data?
Secretary of State for Economic and Business Support, Fernando Jiménez Latorre, reiterated that the Spanish economy will enter recession in the first quarter of 2012, but has ruled out the stagflation (economic stagnation with high prices) since the IPC will continue to moderate in the coming months.Prices fall, yes, but we lowered salaries and we raise taxes and spending
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