Core inflation falls by seven-tenths to 4.5%. The premium pensions will be revalued by 3.76% in 2024, as the twelve-month average interannual CPI (from December of the previous year to November of this year) is taken into account when determining the increase.
OA | EITB media
The Consumer Price Index (CPI) fell to 3.2% in November compared to the same month last year, according to data released today by the National Institute of Statistics (INE). Year-on-year inflation was 3.5% in October, 0.3 point higher than in November.
Inflation has fallen again after three months of increase (July, August and September) and one stable month (October).
The downward evolution The interannual inflation is mainly due to the larger decreases in the prices of fuel and tourist packages, as well as a lower increase in food and non-alcoholic beverages compared to a year ago. In the opposite direction, the decline in electricity prices is noticeable, less than in November 2022.
In monthly installments (November compared to October) the CPI registered a decline of 0.4%.
For his part, core inflation, which excludes unprocessed foods and energy products, has fallen by seven-tenths year-over-year to 4.5%. As it stands, the economy has seen four consecutive months of decline and is at its lowest level since April 2022, when it was 4.4%.
Advance payment details for November must be confirmed by INE on December 14.
The premium pensions will be revalued by 3.76% in 2024
The premium pensions will be revalued by 3.76% in 2024, as the twelve-month average interannual CPI (from December 2022 to November 2023) is taken into account when determining the increase.
After the CPI is known in advance, the twelve-month average can be calculated, and the result is 3.76%.
In concrete terms, the average pension in the Basque Autonomous Community (CAV) will increase by 55.8 euros and in Navarre by 51.7 euros.
In addition, Minimum and non-contributory pensions will rise above that figure(percentages above 6% are discussed), although the Ministry of Social Security has not yet provided definitive figures.
In any case, we will have to wait for the final CPI data for November to confirm the exact percentage increase in pensions in 2024.
Source: EITB
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