スペイン政府は、インフレを押えるために、公共料金の設定を、消費者物価上昇指数以下に設定。
El Gobierno ligará los precios públicos a un índice mucho más bajo que el IPC
El Ejecutivo comunica a Bruselas que usará la inflación subyacente a impuestos constantes
Alejandro Bolaños Madrid 2 MAY 2013 - 00:01 CET
Fuente: Instituto Nacional de Estadística / EL PAÍS
The Government will link public prices at a rate much lower than the CPI
The Executive informed Brussels that will use the constant tax inflation
Alejandro Bolaños Madrid 2 MAY 2013 - 00:01 CET
The Government is prepared to do everything in its power to ensure that inflation remains low, below the euro area average, unlike what has been common since the launch of the single currency . To do this, replace the consumer price index (CPI) as a reference for the automatic update of public or regulated prices. The alternative is an index that usually reflects much lower annual variations.
The Law of indexation, impossible name new standard was the only change in the plan of reforms that the government unveiled on Friday. The new law, then added La Moncloa sources, aims to eliminate automatic updates public prices and regulated tariffs that are linked to the CPI, or replaced by other indices, without specifying which. In the information sent to Brussels on Tuesday, however, the Government itself go into detail.
The government of Mariano Rajoy has informed the Commission that the alternative chosen is "the core CPI at constant tax rates, with an upper limit of 2%". The commitment is to apply the new rule since January 1, 2014. If he had applied in March, the difference between checking prices either reference would have been remarkable: the CPI reflected an annual increase of 2.4%, its future replacement, the underlying tax rate constant, barely reached 0 , 3%.
In March, the new index rose only 0.3% compared to 2.4% which marked the IPC
The new rule will allow the Executive with a triple lock contain the impact of inflation on public sector activities. Core inflation, which excludes energy and computation fresh food products, is usually lower than the overall CPI, which does include the effect of oil, inflationary factor in the Spanish economy. Between 1999 and 2012, the underlying index has been below the overall CPI in 11 of the 14 years-match exceptions-oil crashes, with close to a percentage point differences.
The same goes for the new "upper limit" of 2%, the usual reference to the European Central Bank, another rises more restrained warranty. Even core inflation exceeded the 2% in 10 of the last 14 years.
The last lock is the most controversial. The rate constant taxes deducted from IPC impact on prices increases are approved in several indirect taxes. The result of this rebate is that the constant tax rate is lower while that despite tax increase in the annual comparison. The issue is that what discounts the INE, following Eurostat methodology, is the impact that entrepreneurs move to price all tax increases a theoretical assumption that "historically there has never been", experts have warned Instituto Flores de Lemus when the new index was launched last September.
The government sets
2% per year as "upper limit" of the updates
What happened to the VAT increase (from 18% to 21%) is illustrative. If employers had passed all the VAT on goods and services that analyzes the INE, the annual change in prices should have increased by about two percentage points, which is the difference reflected between September CPI (3.5%) and at constant tax rate (1.4%). However, experts such as Flores de Lemus or Funcas concluded that employers took half the impact to reduce margins, so that the impact on prices of the tax increase was just one percentage point. An index to discount the real impact of the VAT hike in September would leave inflation at 2.5%, not 1.4%.
The use of the index at constant tax-discounting the theoretical impact of the tax surcharge, not really, it leaves a moral disturbing to the Government, the fastest way to include the updating of prices and expenditure, is to raise indirect taxes. However, to inflation throughout the economy, raising taxes is still bad business.
Last Friday, the government insisted that the new rate would not apply to pensions and public sector wages or minimum income, who do not have an automatic update. In Brussels, entrusted with the idea that the new "reference being used by the private sector"-the wage increase agreed by the social partners round and 0.5% - that favors "for emulation," a "common culture which results in lower inflation. "
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