Inflation rebounded considerably in the month of November after two months in which the annual CPI had been below 2%, an unprecedented record since the inflation crisis began in 2021. The month that is about to end will do with an increase in consumer prices of 2.4% measured in year-on-year terms, six tenths more than the October reading.
This was announced this Thursday by the National Institute of Statistics (INE). The inflation data for November is especially relevant because it is the one that closes the figure by which public system pensions will be revalued. Thus, the average inflation recorded between November 2023 and 2024—the reference set in the law to update the amounts—suggests that pensions will increase by 2.8% next year. A percentage that translates into an increase of around 600 euros per year for the average retirement benefit and 500 euros in the case of the system’s average pension.
More information soon…