Inflation subtracts 1,700 euros a year from each Canary Island family

The data has been published by the consulting firm specializing in artificial intelligence, AIS Group, taking as a reference the average household income in the archipelago

EKN

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EKN

December 15 2022 (12:02 WET)
Downtown Arrecife Shopping Personas
Downtown Arrecife Shopping Personas

The Canary Islands ended November with an inflation of 6.9%, a better figure than in previous months, but which is still very harmful to the economies of families. The strategic consultancy AIS Group, specialized in artificial intelligence, has calculated in 1,700 euros per year the average loss of purchasing power for Canarian families that the current level of inflation in the archipelago represents.

The international consultancy, based in Barcelona, has taken as a reference for the calculation the latest available data of the average household income in the Canary Islands, estimated at 26,400 euros (relative to 2021).

At the national level, the inflation of the last month has stood at 6.8%, which entails an annual loss of purchasing power of about €1,945 per family per year calculated on the €30,552 of average national income per household.

 

Losses in each autonomous community

Returning to the regional level, also considering the CPI data for November for each autonomous community, Navarre households are the ones that lose the most money. With an inflation of 7.6%, they experience a decrease in their purchasing power of 2,690 euros.

They are followed by the Basques, where the average reduction in purchasing power stands at 2,250 euros due to the 6.5% inflation in their community. After them, Catalans and Aragonese, for whom the CPI of 6.4% and 7% respectively, translates in both cases into about 2,100 euros of loss.

The families of Castilla – La Mancha, despite registering the highest inflation in the entire territory (8.1%), see their purchasing power decrease by 1,953 euros, just €8 above the national average.

In Madrid, on the contrary, although the inflation figure is the lowest in Spain, 5.8%, the impact on the average income of its families represents a loss of 2,066 euros in their purchasing power for this year.

The households where inflation has the least impact in absolute terms are those in Extremadura, which see their purchasing power reduced by 1,580 euros. Despite experiencing an inflation of 7.4%, this amount is €365 below the Spanish average.

Similarly to Canarian households, Valencian, Balearic, Andalusian and Asturian households also face losses below 1,800 euros on average per family.

 

Large volume of data

AIS has calculated these data through a big data project, capable of processing large volumes of data through new technologies, which contains about 2,000 statistical indicators on the different types of families and their behavior on the territory: income, expenses in the different items of the shopping basket, risk of poverty, average price of real estate in their area of residence, level of education, employment and unemployment rate, etc.

AIS Group is a consulting company with operations internationally. Its specialty is to generate value from data, applying artificial intelligence, business intelligence and technology to the development of decision support systems. These systems are mainly oriented to forecasting and optimization.

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