Funcas revises upwards the average inflation forecast for this year from 7% to 7.9%

MADRID, 10 Jun. (EUROPA PRESS) -

Funcas has revised its average inflation forecast for this year upwards, from 7% to 7.9%, after registering a CPI of 8.7% in May, higher than that estimated by the institution.

This new forecast of 7.9% made by Funcas within the framework of its central scenario incorporates the Iberian mechanism for limiting the price of gas and takes into account the maintenance of the price of oil at around 120 dollars.

In this scenario, the year-on-year CPI for December would reach 6.1% and the average annual rate of underlying inflation would stand at 4.8%, two tenths above Funcas' previous estimate. For 2023, it forecasts an average annual CPI of 4% and core inflation of 3.7%.

In the event that oil rises to $140, Funcas calculates that the average annual rate of inflation would be 8.4% this year and 5.8% next. On the other hand, if crude oil fell to 100 dollars, the average annual rates would be 7.4% and 2.4%, respectively.

In relation to the May data published this Friday by the National Institute of Statistics (INE), Funcas points out that 80 of the 196 subclasses that make up the CPI registered inflation above 6%, compared to 12 a year earlier. Only 43 products rose less than 2% from their prices in May, compared to 158 a year ago.