Cristina Varela is the Head Economist of the Financial Scenarios Unit at BBVA Research.Cristina Varela has been working since 1993 in different BBVA areas related to the analysis of economic and financial variables to prepare strategy reports and market indicators and to establish recommendations on financial assets. Before that she worked as an economist in a financial consultancy firm (EUROTANDEM) and on foreign trade (ACE). She has published a number of articles in newspapers and economic journals.Cristina Varela holds a degree in Economy from the Complutense University of Madrid and completed her postgraduate training for a Master’s Degree in Financial Markets at San Pablo C.E.U. Madrid University. She is also holds a doctorate in international economy from the Complutense University of Madrid. She is a recurring attendee of courses and seminars in international and Spanish universities.
The downward trend in core inflation persisted in December, helped by a decline in core goods inflation. Headline inflation increased due to base effects. Geopolitical risk in Middle East East worsened, in turn pushing up freight costs. Our supply bottlenecks indicators inched up in December but remain at low levels.
Central banks have gone to great lengths over the past two years to rein in inflation and reiterate their commitment to achieving price stability.
Inflation pressure continued easing across the board, although core CPI remains high. Bottleneck indicators signal absence of disruptions, although some container freights have rebounded, reflecting the problems in the Red Sea.