Inflation rate remained stable at 3.5 percent per month OctoberAccording to statistics released on Tuesday by National Institute of Statistics (INE) confirms the data INE expected on October 30th. Especially, Consumer price index (CPI) increased by 0.3% on a monthly basis compared to the previous month, while the annual CPI rate remained at 3.5%, the same as in September and the highest since April (4.1%). Annual increase in food While this is modest by a tenth, it still remains at a high level of 9.5%.
Base effect in October electric Prices fell 2.1% compared to September, but did so with less intensity than in October 2022, when they fell 22.5%, largely compensated by: landing fuels and fuel (-2.3% compared to September) and because the group is moderate food and non-alcoholic beveragesThose who increased their prices compared to September (1.3%), but did so with less intensity than last year’s 2.3% increase, so their annual rate fell to 9.5%. Especially, olive oil It rose again and became 6 percent more expensive than in September, making the prices of this food 73.5 percent more expensive than last year.
In October, Core inflationThe index, which excludes the most volatile unprocessed food and energy prices, fell by 6 percent to 5.2 percent, representing its lowest rate since June last year.
Since we do not know November inflation data, October inflation data allows us to make an approximate estimate of the 2024 pension increase reference. The average inflation between December 2022 and October 2023 is 3.9%. The indicator of the increase in pensions for the next year is equivalent to: average between December and November of the following year. When November inflation is known (advance data will be published on November 29, and final data will be published on December 14), it will also be known what the pension increase will be in 2024.
From perspective Ministry of Economy, The economic policy measures adopted by the government allowed Spain to maintain one of the best last year. Lower inflation rates and higher growth The economic development of the Eurozone has led to greater competitiveness of Spanish companies and an increase in the purchasing power of wages. Most anti-inflation measures adopted by the government expire on December 31; Before the end of the year, the Executive must decide whether and which some of these measures will be extended to 2024.