Inflation rose to 2.4% in November in its interannual calculation, according to what the INE announced this Thursday. In other words, the lifespan is 2.4% today compared to a year ago. The CPI (Consumer Price Index) increased by six tenths compared to October, when it stood at 1.8%, mainly due to the increase in the cost of electricity and fuel.
With November data, last year’s average CPI stands at 2.8%, the benchmark for pension increases in 2025. This average inflation is one point lower than last year and almost three times lower than that of 2022, the worst year of this inflation. crisis to which our country and the entire euro zone are saying goodbye.
The general CPI fell to 1.5% in September. Despite the increase since then, it remains close to the theoretical objective of 2% of the European Central Bank (ECB) and allows the recovery of the purchasing power of families, both thanks to salary increases and historic creation jobs (more people have jobs in each household).
The data for October and November are also marked by the increase in VAT on basic food products. This is a process of normalization of this tax that the Government has planned in stages, after having lowered it from the beginning of 2023 to try to moderate the rise in prices in stores and supermarkets.
The INE does not give details on the evolution of food prices in this first overview of November data. In October, food inflation remained at 1.9% year-on-year. The figure for this last month will be known in mid-December.
Core inflation, which excludes energy and food from its calculation because they are considered the most volatile products and services in the shopping basket, continued to fall to 2.4%.
