At the same time, core inflation, as measured by HICP excluding energy and unprocessed food, has risen significantly from 0.4% in December 2020 to 6.6% in November 2022.
The strong rise in inflation is attributed to a spike in oil and gas prices, as well as to significant supply bottlenecks generated by the repeated waves of the pandemic, which led to an increase in other commodity prices, namely raw materials used as inputs in the production of other goods and services.