Preliminary Consumer Price Index (CPI) data for November published this Thursday by the National Statistics Institute (INE) places inflation at 2.4% over one year, six tenths more for the second year in a row. sequence of four months of continuous moderation.
The increase – the largest since September 2023 – is mainly due to the increase in electricity and fuel pricescompared to the decrease in November last year. This places the general index at its highest level since July, when it reached 2.8%.
Concerning core inflation (without unprocessed food or energy products), the moderation of one tenth places it at the same level as the general index. The monthly evolution, for its part, shows an advance of 0.2% compared to October, or four tenths less than what increased last month.
In its usual commentary, the Ministry of Economy, Trade and Business attributed the year-on-year increase in CPI to the base effect produced by electricity and utility prices. fuel and recalled that average inflation over the last 12 months has fallen by one point compared to the previous year.
The November inflation level is particularly relevant because it is used to calculate average inflation which will be used to reassess next year’s contributory pensions, linked to the CPI since in 2021 the Government approved the law which establishes, among other things, the guarantee of the purchasing power of retirees. While waiting for the INE to publish the final data on December 13, pensions will increase by 2.8% in 2025 (2.77% is the average figure), one point less than last year due to the moderation of inflation. The revaluation will mean, approximately, 600 euros extra per year for the 9.3 million people receiving an average retirement pension.
