Spanish inflation rate rises to 2.4% in November due to fuel and electricity price increases

The inflation rate in Spain rose by 0.6 percentage points in November to reach 2.4% in the year-on-year comparison, according to provisional data from the National Statistics Institute (INE).

Inflation has risen for the second month in a row after increasing three decimal points in October to reach 1.8%.

Although the rate is above 2%, the increase in prices is the lowest rate for any month of November since 2020 (-0.8%).

The INE explains this trend by the increase in fuel prices and also in electricity prices, which fell in November 2023.

The inflation data for the month of November also foresees an increase in pensions, which have been tied to the inflation rate for four years.

If the National Institute of Statistics confirms the data in two weeks, pensions will rise by 2.8% next year.

The data results from the cumulative calculation of inflation until November.

In 2022, pensions increased by 2.5%, in 2023 they increased by 8.5%, and in 2024 by 3.8%.