According to the quick estimate, the average inflation for the last 12 months, without housing, for November was 0.99%, which allows the automatic update of pensions for the next year, in a formula that takes into account the growth rate of the Gross Domestic Product (GDP) in the last two years.
The law determines that when that GDP growth rate is less than 2% (as is currently the case), the lowest pensions, up to two Social Support Indexes (IAS), are updated in line with that inflation reference, rounded to one decimal place.
Thus, based on the quick estimate of the Consumer Price Index (CPI), in January 2022, pensions up to 2 IAS, that is, up to 886.40 euros, will increase by 1%.
Pensions between two and six times the value of the IAS (between 886.40 euros and 2,659.20 euros) will be updated by 0.5%.
In turn, pensions between six and 12 times the value of the IAS (between 2,659.20 euros and 5,318.40 euros) will be updated by 0.2%.
For pensions above 12 IAS there are no increases.
The value of the IAS will be €443.20 in 2022, according to calculations arising from INE's November inflation flash estimate.