The Consumer Price Index (CPI) for November has put a figure on one of the most eagerly awaited questions of the year: how much contributory pensions will rise in 2026. According to data released by the National Statistics Institute (INE), year-on-year inflation fell by one tenth of a percentage point, to
As the Ministry of Economy points out, the “moderation of the CPI in November” is directly linked to this drop in the energy bill. On the contrary, other sectors pushed up the index, such as “leisure and culture”, which reduced its prices less than in November 2024, and “food and non-alcoholic beverages”, which this year made its basket more expensive instead of cheaper as it was then.
The November figure is particularly important because it determines, together with the average calculation for the last twelve months, the automatic revaluation of pensions for the following year. On this occasion, the resulting average is 2.66%, which translates into a rise of approximately 2.7%.
Core inflation rebounds to highest level since 2024
The INE incorporates in its monthly advance an estimate of core inflation (i.e., that which excludes energy and unprocessed food) and in November it increased “one tenth, to 2.6%“. If this figure is confirmed, it will reach its highest figure since December 2024, an indicator that shows that structural inflationary pressures are still present in the Spanish economy.
Moreover, in monthly terms, the CPI increased by 0.2%, five tenths less than in October. As for the harmonized CPI (HICP), used for European comparisons, it stood at 3.1% year-on-year and remained stable with respect to last month.
Contributory pensions: 2.7% increase by 2026
With the year-on-year average as of November, contributory pensions will rise by around 2.7% in 2026. The revaluation formula included in the pension reform takes as a reference the average year-on-year CPI between December of the previous year and November of the current year. The result: “The calculation obtained is 2.66%“, which automatically fixes this increase.
This mechanism guarantees that pensions maintain their purchasing power, in line with the recommendations of the Toledo Pact. Since the entry into force of Law 20/2021, pensions are updated “every year in line with price increases“.
The increase will benefit more than 9.4 million pensioners who receive more than 10.3 million contributory pensions, as well as recipients of the State Pension System, whose benefits will also be revalued by around 2.7%.
A rise in line with recent years, but lower than in years of high inflation.
This 2.7% places the 2026 revaluation below that of previous years marked by higher inflation. This year, for example, pensions grew by 2.8%; in 2024 they grew by 3.8% and in 2023, in the midst of the impact of global energy prices, they increased by 8.5%.
With more moderate data in 2025, the projected rise in 2026 reflects a gradual return to stable inflation levels, although the persistence of core inflation indicates that pressures remain in essential sectors.
Next key date: December 12
The final CPI figure for November will be published by the INE on December 12. If the advanced figures are confirmed, the Government will be able to apply the 2.7% increase in the Budget and ensure that the update is automatically activated as of January 1, 2026.
Once again, the behavior of prices determines not only the domestic economy of millions of Spaniards, but also the largest social expenditure of the State: the public pension system.
