News Column

Inflation in Spain Falls in November

Dec. 14, 2012

Spain's inflation rate fell in November, down 0.6 percent to 2.9 percent compared with 3.5 percent in the previous month, the Spanish National Institute of Statistics (INE) said on Thursday.

The INE said the decrease was mainly due to fall in transport prices by 3.1 percent as a result of the fall in the cost of fuel and new vehicles.

This November inflation rate was important to adjust pensioner's purchasing power to the general prices increase.

However, the Spanish government has already announced they cannot afford to cover the full inflation rate in the 2013 pensions, announcing instead, that most pensions will increase by 1 percent while those earning a pension below 1,000 euros (1,306 U.S. dollars) a month will enjoy a 2 percent increase.

Source: Copyright Xinhua News Agency - CEIS 2012

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