Only during the month of November, the general rate of the CPI also decreased one tenth with respect to November, after trit is consecutive months of progress, according to data from the INE that reinforces the forecast that December inflation will reach 1.6%, with which Social Security would save a compensatory payment to pensioners. The drop of six tenths of the Hair Color Chart CPI, the sharpest in the last year, is due to the drop in the price of crude oil, which has resulted in declines in electricity and fuels, both weighing heavily on the basket of oil. purchase with which the evolution of the prices of consumer goods and services acquired by Spanish households is measured.
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The leading indicator of the harmonized consumer price index (HICP) -which uses the same measurement method in all countries of the euro zone- has also remained at 1.7% year-on-year, also six tenths below the rate of last month. However, on this occasion, the monthly variation of the harmonized indicator does not coincide with that of the general indicator, since it reflects a decrease of two tenths.
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By communities, the annual rate of the CPI decreased in all, with the decrease of eight tenths of Cantabria to the head and with three tenths of the Canary Islands to the tail. The Minister of Labor, Magdalena Valerio, said on Monday that it has not yet been decided whether the compensation of pensions in 2018 for the upward deviation of the CPI will be calculated with inflation in November or December.
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Valerio recalled that before the reform of the PP of 2013 the compensatory pay of pensions was calculated with the CPI of November, but that for this year has not yet been decided with what will be done, despite the Secretary of State for Security Social, Octavio Granado, advanced a few days ago that would be with the December.
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Pensions rose in general by 1.6% in 2018, while inflation remains above but with a downward trend. The Bank of Spain has declined one tenth, to 2.5%, its forecast for growth of the Spanish economy for this year, according to the new projection of the main macromagnitudes of the Spanish economy. The Bank of Spain maintains the growth forecast for 2019 at 2.2%, as it did in September, but it decreases by one tenth that of 2020, to 1.9%. Likewise, it incorporates for the first time growth projections for 2021, which stands at 1.7%.
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For its part, the Government estimates that the Spanish economy will grow 2.7% this year, 2.4% in 2019, 2.2%, and 2.1% in 2021. Compared to the previous projections, GDP growth is revised slightly downward, by one tenth in 2018 and another by 2020. In 2018 it is due, with the most recent data, that the advance of the product in the first half of the year year was lower than previously estimated.
This indicator, which measures the evolution of the prices of consumer goods and services acquired by Spanish households, shot up at the beginning of Hair Color Chart 2017, driven by energy. Reached rates of 3%, until the middle of the year was contained, to start 2018 at 0,%. Thus, it remained around 1% until in May it stood at 2% and so it has continued for six consecutive months.