The advance data of the Consumer Price Index (CPI) for November published this Thursday by the National Institute of Statistics (INE) places inflation at 2.4% year-on-year, six tenths more in what is its second consecutive In October it broke a four-month streak of continued moderation.
The increase – the largest since September 2023 – is mainly due to the increase in electricity and fuel pricescompared to the decrease in November of last year. This places the general index at its highest level since July, when it reached 2.8%.
Regarding 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, points to an advance of 0.2% compared to October, four tenths less than what increased last month.
In its usual comment, the Ministry of Economy, Commerce and Business has attributed the increase in the year-on-year CPI to the base effect produced by the prices of electricity and fuel and has recalled that the average inflation in the last 12 months has decreased by point compared to the previous year.
The inflation level for November is especially relevant because it is used to calculate the average inflation that will be used to revalue next year the contributory pensions, linked to CPI since in 2021 the Government approved the law that establishes, among other issues, the guarantee of the purchasing power of pensioners. While waiting for the INE to publish the final data on December 13, pensions will rise by 2.8% in 2025 (2.77% is the average figure), one point less than what they did last year according to of the moderation of inflation. The revaluation will mean, approximately, 600 additional euros per year for the 9.3 million people with an average retirement pension.
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