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Do we see the effects of oil variations in official statistics price data?

César Castro Rozo
Universidad Carlos III de Madrid
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Pilar Poncela
Departamento de Análisis Económico: Economía Cuantitativa
Universidad Autónoma de Madrid
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Eva Senra
Universidad de Alcalá y Oficina Económica del Gobierno
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  • Abstract
    Usually, positive oil shocks are to be blamed for highly increasing general prices. In this paper we are going to measure how the variations in oil prices are related to inflation in a different way in Spain and in the Euro Area, increasing the inflation differential. We also look at the inflation differential for some of the special groups of products as defined by EUROSTAT. To measure an oil shock we will use statistics for the Brent oil price provided by the US Energy Information Administration (EIA) and for inflation we will use data publised by EUROSTAT for different disaggregation levels.
  • Keywords: oil shocks, brent, differential inflation, IPCA, disaggregation
  • AMS Subject classifications: 62-07, 62P20, 91B40, 91B82