The decrease in oil prices due to the fall in demand in the world market due to the confinement of the Covid-19 pandemic, impacted the consumer price index (CPI) for the month of March.
The interannual variation rate of the CPI for the third month registered a decrease of -0.8%, driven by the -3.7% drop in the transport indicator, according to the report of the Comptroller General of the Republic .
The decrease in passenger transport by air (-21.8%) and fuel for automobiles (-12.1%), had an impact on the CPI in March, the second half of which coincided with the state of national emergency decreed by the Government – which produced paralysis of activities and confinement – to stop the spread of the virus in the country, the report details.
Since last March 22, the arrival and departure of all international flights have been suspended in the country to curb infections. Similarly, fuel consumption in vehicles decreased due to confinement. In March, oil prices also fell to their lowest level in four years. The WTI – a barrel of reference in the United States – came to be priced at $28.70 while Brent marked $30.05 a barrel.
Other indicators that showed a fall were: communications (-1.6%); recreation and culture (-1.4%); alcoholic beverages and tobacco (-0.8%); food and beverages (-0.8%); furniture and household items (-0.6%), as well as clothing and footwear (-0.5%).
The CPI is made up of a group of 12 indicators that have different weights in the final result, and that within each of them measure dozens of subscripts.
In detail, the indicators that registered a rise were education (3.1%); housing, water and electricity (1.1%); restaurants and hotels (0.7%) and health (0.1%). The indicator that groups diverse goods and services did not have an interannual variation.
In monthly terms, prices fell -0.4% in March compared to February, while the accumulated year-on-year variation between January and March was -0.2%.
The decrease in passenger transport by air (-21.8%) and fuel for automobiles (-12.1%), had an impact on the CPI in March, the second half of which coincided with the state of national emergency decreed by the Government – which produced paralysis of activities and confinement – to stop the spread of the virus in the country, the report details.
Since last March 22, the arrival and departure of all international flights have been suspended in the country to curb infections. Similarly, fuel consumption in vehicles decreased due to confinement. In March, oil prices also fell to their lowest level in four years. The WTI – a barrel of reference in the United States – came to be priced at $28.70 while Brent marked $30.05 a barrel.
Other indicators that showed a fall were: communications (-1.6%); recreation and culture (-1.4%); alcoholic beverages and tobacco (-0.8%); food and beverages (-0.8%); furniture and household items (-0.6%), as well as clothing and footwear (-0.5%).
The CPI is made up of a group of 12 indicators that have different weights in the final result, and that within each of them measure dozens of subscripts.
In detail, the indicators that registered a rise were education (3.1%); housing, water and electricity (1.1%); restaurants and hotels (0.7%) and health (0.1%). The indicator that groups diverse goods and services did not have an interannual variation.
In monthly terms, prices fell -0.4% in March compared to February, while the accumulated year-on-year variation between January and March was -0.2%.