The Consumer Price Index (CPI) drops three tenths compared to the previous data. This is shown by the advanced data for the month of November published by the National Institute of Statistics (INE).
Inflation falls slightly before the end of the year and ahead of Christmas to 3.2%. If the data is confirmed, it would mean a drop of three tenths in the interannual rate compared to October, when it was 3.5%.
The fall is mainly due to the cheaper fuel and tourist packages and a less pronounced increase in food prices than that suffered in 2022. On the other hand, the decrease in electricity prices stands out, smaller than in November 2022.
The estimated annual rate of change of the Underlying inflation (index without unprocessed foods or energy products) decreased seven tenths, to 4.5%, becoming the lowest since April 2022, when it stood at 4.4%. Although more than one point follows (1.3) above the general CPI.
If the months are compared, the CPI decreases 0.4% in November compared to the previous month.
The vice president and minister of Economy, Commerce and Business, Nadia Calvino, considers the data as “very good news.” “Core inflation continues on a downward path to 4.5%. With this, salaries continue to gain purchasing power and Spanish companies continue to gain competitiveness by increasing their market share, even in the difficult international context,” adds the minister.
The CPI points to an increase in pensions
Contributory pensions will rise in 2024 by around 3.7% with the revaluation formula included in the pension reform law in which the average interannual CPI is taken into account as a reference to determine the increase in these benefits. twelve months (from December of the previous year to November of the current fiscal year).