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The CPI at all-time highs since 1992

According to the Spanish Institute of Statistics, 2021 closed with a CPI of 6.5%, one of the highest consumer price indices in the last 29 years. The value had not been as high since May 1992, when the CPI was 6.9%.

If we consider that December 2020 closed the year with a CPI of -0.5%, we see that it is 7% higher than the same period of 2021. This increase is mainly due to the rise in electricity prices compared to last year, among others, and the changes in consumption produced by the arrival of the Pandemic, which caused a global economic recession, which has generated an imbalance between supply and demand that has taken its toll.

How has this rise affected rents?

These rises have also affected the rental prices since they are usually updated each year based on inflation. So, for example, a contract signed in January 2021 would take into account the latest data published by the INE, which is usually published around the middle of the month before the end of the contract’s first year. So, for example, for a contract that reaches its first year into effect in January 2022, the CPI published by the INE in mid-December 2021 is taken as a reference.

In other words, the contracts that have updated the CPI in January will see their rent increased by 6.5%. To clarify things even more, if you signed the lease in January 2021 for €700, starting January 2022, you will have to pay €45.5 more; that is, you will pay €546 more this year due to the rise in the CPI.

What are the forecasts for 2022?

The forecasts for 2022 are uncertain since, although economists predict that these rises will be temporary because they are mainly linked to the crisis derived from the COVID-19 Pandemic, among others, the Bank of Spain estimates that the CPI will rise an average of 3.7%, while the IMF states that the rise will be between 1.5% and 2%.

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