Inflation rose by 5.6% in November com­pared to last year

Spain: Inflation At 5.6% Forces Pensions Up By 2.5%

Pensioners.
Pensioners.

Inflation rose by 5.6% in November com­pared to last year, two tenths of a per­cen­tage point higher than in October, and its hig­hest level since September 1992. The pre­li­mi­nary data, pu­blished on Monday by the National Statistics Institute (INE), mark new an­nual highs for in­fla­tion in Spain, which has risen wit­hout in­te­rrup­tion since March.

The agency blames the rise on increases in food prices and, to a lesser extent, in fuel and lubricants for vehicles. On a more positive note, it flags a fall in electricity prices.

Core inflation, which does not take into account energy and fresh food prices – the most volatile elements – also rises, from 1.4% to 1.7%. With this last month’s data, the average inflation from December 2020 to November 2021, which serves as a reference for the rise in pensions, can also be calculated. As a result, they will increase by 2.5% from January.

The Spanish data, like that of other countries, is heavily influenced by the comparison with the previous year. In November 2020 inflation was unusually low – it was in negative territory, specifically -0.8% – which favours a bigger difference, an effect that will be maintained until the Spring.

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