Inflation rose by 5.6% in November compared to last year, two tenths of a percentage point higher than in October, and its highest level since September 1992. The preliminary data, published on Monday by the National Statistics Institute (INE), mark new annual highs for inflation in Spain, which has risen without interruption since March. The agency blames the rise on increases in food prices and, to a lesser extent, in fuel and lubricants for vehicles. On a more positive note, it flags a fall in electricity prices.
Core inflation, which does not take into account energy and fresh food prices – the most volatile elements – also rises, from 1.4% to 1.7%. With this last month’s data, the average inflation from December 2020 to November 2021, which serves as a reference for the rise in pensions, can also be calculated. As a result, they will increase by 2.5% from January.
The Spanish data, like that of other countries, is heavily influenced by the comparison with the previous year. In November 2020 inflation was unusually low – it was in negative territory, specifically -0.8% – which favours a bigger difference, an effect that will be maintained until the Spring.