The National Institute of Statistics (INE) has confirmed this Friday, December 13, the data of the Consumer Price Index (CPI) for the month of Novemberthat remains at 2.4% as already predicted in advance. This rise in inflation, six tenths higher than that registered the previous month, is mainly due to the increase in the price of electricity and fuel.
This November record is the highest since Julywhen 2.8% was reached, and breaks the moderate trend of 4 consecutive months that inflation had experienced until October. As the INE has explained, the groups that have stood out the most for their influence on the increase in the annual rate are:
- Dwelling: Its annual variation stood at 7.4%, which is 3.2 points above that of last month. This increase is due to the increase in electricity prices, compared to the decrease in the same month of 2023.
- Transport: its annual rate increases two points, to -1.0%. This behavior is due, for the most part, to the increase in the prices of fuels and lubricants for personal vehicles, compared to the decrease in November of the previous year.
For its part, the annual variation rate of the core inflationwhich is taken as a true reference because volatile elements such as fresh foods (unprocessed products) or energy products are eliminated for its calculation, has decreased by one tenth compared to the month of October, placing it at 2.4%.
Index of #Prices of Consumption (CPI). November 2024 @es_INE
The annual variation rate of #IPC for the month of November stood at 2.4%, six tenths above that registered in October
Press release
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Results ➡️https://t.co/fAoBlswGyU#INE pic.twitter.com/JJPNOsy0y0— INE Spain (@es_INE) December 13, 2024
Food remains at 1.7%
Food and non-alcoholic beverages have remained at 1.7% year-on-year. According to the Ministry of Economy, this is due to the “good price evolution of some products, such as oil”, which has accumulated a year-on-year decrease of 3%. The opposite of chocolate, which experienced a year-on-year increase of 21.9%.
Monthly evolution of the CPI
In November, The monthly variation rate of the general CPI was 0.2%. The groups with the greatest positive monthly impact on the monthly CPI rate were:
- Housing, with a rate of 1.6% and a contribution of 0.196, due to the increase in electricity prices.
- Clothing and footwear, which presented a variation of 4.2%, which includes the latest effects of the entry of the winter season. This group had an impact of 0.157 on the general CPI.
For its part, among the groups with a negative monthly impact, ‘Leisure and culture’ stood out, which presented a variation of -1.5%, due to the decrease in the prices of tourist packages. This group had an impact of -0.127 on the general CPI.
Pensions will rise by 2.8% in 2025
Contributory pensions will be revalued by 2.8% in 2025in general, in accordance with the average interannual Consumer Price Index (CPI). This has been confirmed thanks to the final CPI data for November, which allows calculating the increase in pensions for next year.
Since the entry into force of Law 20/2021, the result of the agreement between the Government and social agents, pensions are updated each year according to the increase in prices to guarantee their purchasing power, in line with the recommendations of the Pact of Toledo, as stated in its 2nd Recommendation.
The revaluation will mean approximately 600 additional euros per year for people with an average retirement pensionwhile the system’s average pensions will increase by around 500 euros per year.