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Spanish prices fall by 1.4 pct in January

Xinhua, January 30, 2015 Adjust font size:

Spain's prices fell by 1.4 percent in January when compared with the same month of a year earlier according to the preliminary Consumer Price Index (CPI) published on Friday by the Spanish Statistical Office (INE).

The INE attributed this fall to lower prices of diesel and gasoline as a result of lower prices of fuel, while reporting that prices fell by 1.7 percent from December 2014 to January 2015.

This data will be confirmed on Feb, 13, when the INE will provide more information about the evolution of prices.

Spanish prices have been falling for seven months on a year-on-year basis, but the government has not talked about deflation yet, as according to the International Monetary Fund (IMF) deflation is a sustained decline of prices for two consecutive semesters.

Inigo Fernandez de Mesa, Secretary of State for Economy, said that falling prices were due to lower prices of fuel rather than caused by low consumption.

"This is positive," he said, "falling prices means that families' income increases," Endit