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.