Inflation will continue to mark various prices in the coming year, although the escalation will stop in the coming months. The consumer price index reached 9.1% in July, compared to the same month in 2021, the highest record in almost 30 years (since November 1992), highlighted the National Institute of Statistics (INE) in a quick estimate to be validated on August 10. .
The year-on-year inflation and the average inflation of the last 12 months —which in July was 4.7%— serve as a reference to calculate the annual update of various prices such as tolls and rents, but also of a wide range of social benefits. , from pensions to allowances and subsidies that are calculated based on the IAS (social support index). The annual evolution of these two types of social benefits is the result of the combination of two indicators that this year will have the greatest increase in recent decades (since the beginning of the millennium): the average inflation of the last 12 months and the average growth of the economy in the last two years.
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Source: Observadora
