Inflation eases in November for the fourth consecutive month and stands at 6.8%

Euskaraz irakurri: Azaroko KPI aurreratua % 6,8an geratu da, laugarren hilabetez jarraian jaitsita

Inflation has moderated november up to 6.8%, half a point less than that registered in October (7.3%), due to the drop in fuel and electricity prices. According to the leading indicator of the consumer price index (CPI) published this Tuesday by the Statistics National Institute (INE), the inflation rate has been falling for four consecutive months, from the maximum of 10.8% reached in July.

This evolution is mainly due to the drop in fuel prices, which rose in November 2021, and the electricity, with a greater decrease than last year. It also has an influence, although to a lesser extent, a more moderate increase in the prices of the new season of clothing and footwear, compared to November 2021.

The Ministry of Economic Affairs of the Government of Spain highlights that November is the fourth month with a falling inflation rate and that “the trend towards moderation that began this summer continues.”

For her part, the Underlying inflationwhich does not include fresh food or energy, has risen slightly —one tenth— and stands at 6.3% in November, narrowing the gap with the general rate to just half a point.

pensions

The rise in pensions in 2023 will be 8.5%, once the November inflation data has been advanced, which allows calculating the revaluation for next year and confirms the increase estimated by the Government in the budgets.

In accordance with the 2021 reform, the annual revaluation of pensions is calculated with the average of the interannual inflation rates of the previous twelve months until November.

The 8.5% is the increase that will apply to contributory pensions, while non-contributory ones will increase by 15% in accordance with the provisions of the budget project during its processing in Congress.