The advance Consumer Price Index (CPI) for the month of November establishes a moderation in inflation, placing it at 3%, one tenth less than last monthwhen it was triggered due to rising light. This has been announced by the National Statistics Institute (INE), publishing a highly anticipated data since, thanks to it, it can be calculated how much will pensions rise in 2026.
With this decrease of one tenth in the penultimate month of the year, the interannual CPI breaks with two consecutive months of increases, after in October it closed at its highest level in 16 months (the aforementioned 3.1%).
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Both the INE and the Ministry of Economy have explained that the moderation of the CPI in November is due to the fact that electricity prices fell this month, compared to the increase they experienced a year before. On the contrary, leisure and culture, which reduced its prices in November of this year less than in the same month of 2024, and food and non-alcoholic beverages, in contrast to the decrease in prices recorded in November of last year, pushed up the CPI.
Core inflation rises to 2.6%
The bad news from the data shared by the INE is underlying inflation, which rises to 2.6%. This is important because it measures how much prices rise but eliminates volatile elements in its calculation, such as fresh food and energy. Thus, many experts consider it more reliable when it comes to anticipating the inflation trend to know if it will be lasting or temporary.
If this increase of one tenth is confirmed, core inflation would reach its highest value since December 2024, when it also stood at 2.6%. This affects consumers more in recurring expenses since, by reflecting a more persistent and generalized price trend, it directly impacts the purchasing power of citizens in a sustained manner, since the cost of essential goods and services increases in a more stable manner.
Prices increase 0.2% in November
In monthly terms (November over October), the CPI rose 0.2%, five tenths less than what it increased the previous month.
For its part, the harmonized CPI (IPCA) cut its interannual rate by one tenth in November, to 3.1%, and remained stable in monthly values. The underlying inflation of the IPCA is estimated at 2.7% for the penultimate month of the year, according to Statistics.