The Consumer Price Index (CPI), the main indicator of inflation, moderated in November to 6.8% in the interannual rate after the increase in interannual inflation in October fell 1.6 points compared to September to 7.3% due to the fall in the price of electricity, and to a lesser extent, of gas.
The estimated annual variation rate of underlying inflation (general index that does not include the more volatile evolution of fresh food and energy, making it a more precise indicator of the structural situation of prices) increases one tenth, up to 6.3% and stands at half a point of the general CPI.
The advance data published today by the INE may experience slight upward or downward variations when it is confirmed on December 14.
In November, the average prices were able to moderate thanks above all to the drop in fuel prices, which rose in November 2021, and electricity, which became cheaper last month compared to October 2021. It also influences , although to a lesser extent, the increase in prices for the new clothing and footwear season, more moderate than in 2021.
The inflation rate thus stands at six tenths of the minimum of January 2022 (6.1%), although as of today food prices remain at all-time highs, with some products doubling average inflation.
Compared to the previous month, prices fell one tenth in November (-0.1%), while the estimated annual variation rate of the harmonized CPI (IPCA), which is used to compile international statistics, stands at 6.6% , seven tenths less, and fell 0.5% month-on-month.
With the advance data from the CPI for November, it is now possible to anticipate how much contributory pensions will revalue in 2023 by taking the average of the previous 12 months, in this case between December 2021 and November 2022.
With the revaluation formula contained in the pension reform law, which takes into account, as a reference to determine the increase in pensions, the twelve-month average interannual CPI (from December of the previous year to November of the year in force), the calculation obtained is, rounding, 8.5%, with which the contributory pensions and the Minimum Vital Income (IMV) will rise next year around said percentage. The cost for public coffers of revaluing pensions by this percentage will exceed 12,700 million euros.
Non-contributory pensions will maintain the 15% increase that was applied to them last July by virtue of an amendment approved during the budget negotiation.
The 2023 General State Budget (PGE) did not contemplate the specific figure by which contributory pensions will rise next year because the inflation data to which their revaluation is linked was unknown, although the Government estimated that it would be at 8 ,5%. The exact rise will be known when the final data for November is published.
