Prices have been falling for four consecutive months since reaching 11% in July. Today’s 6.8% in November confirms that inflation has entered a moderation phase, although this percentage will certainly remain very high.
Euskaraz irakurri: Azaroko KPI aurreratua % 6.8an geratu da, laugarren hilabetez jarraian jaitsita
Inflation is moderate November to 6.8%, half a point less than in October (7.3%), due to the drop in fuel and electricity prices. This is evident from the leading indicator of the consumer price index (CPI) published on Tuesday by the Statistics National Institute (INE) Inflation has been falling for four consecutive months, from the high of 10.8% reached in July.
This evolution is mainly due to the fall in fuel prices, which increased in November 2021, and the electricity, with a larger decrease than last year. It also impacts, albeit to a lesser extent, a more moderate increase in new season prices of clothing and footwear compared to November 2021.
The Ministry of Economy of the Government of Spain emphasizes that November is the fourth month with a falling inflation rate and that “the trend towards moderation that started this summer continues”.
For its part, the Underlying inflationwhich excludes fresh food and energy, has risen slightly – one-tenth – and stands at 6.3% in November, narrowing the gap from the general rate to just half a point.
pensions
The increase in pensions in 2023 will be 8.5% once November’s inflation data are available, allowing to calculate the revaluation for next year and confirming the increase projected by the government in the budgets.
In line with the 2021 reform, the annual revaluation of pensions is calculated using the average of the annual inflation rates from the previous 12 months to November.
The 8.5% is the increase that will apply to contributory pensions, while non-contributory pensions will increase by 15% in accordance with the provisions of the budget project as it is processed in Congress.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
