The Consumer Price Index (CPI) for October remains at 4.9%, the same figure recorded in September, marking three consecutive months of inflation above 4%. This ongoing situation is significantly affecting the purchasing power of the majority of the working population in Spain.
The crisis in oil and its derivatives continues to drive up prices for refined products, a sector that is still generating substantial profits for shareholders. Recently, Repsol reported record profits of €5.006 billion for the year to date, while fuel prices at the pump remain above €1.70 per litre. These profits are attributed to increased refining margins, which have caused the prices of oil derivatives to rise even more than the cost of Brent crude itself.
This market policy, which accumulates profits amid worsening geopolitical crises, necessitates public measures, such as extraordinary taxes on the profits of energy companies. CCOO suggests that these funds be used to support those most affected by the actions of oil companies, for instance, through reductions in regressive taxes like VAT on electricity or direct compensation, such as a proposed €300 payment for lower-income households.
High inflation is burdening family economies, eroding wage increases from collective agreements and impoverishing a population already suffering from various inflationary crises in recent years. Additionally, the housing market has seen soaring prices, making it increasingly difficult for millions to access housing, whether for purchase or rent.
Sustained high inflation around the 5% threshold is hindering negotiations for collective agreements. There has been a slowdown in reaching agreements due to this inflation. Companies, which are largely responsible for the inflationary impact, are attributing their cost increases to the prices of goods and services they produce, shifting the burden onto families and their wages.
These same companies are reluctant to raise salaries to help workers cope with rising consumer prices, pushing the working class towards mobilization. CCOO urges employers to resume negotiations on the Employment and Collective Bargaining Agreement (AENC) to unblock collective agreements and increase wages.
The union is also calling on the Spanish government to raise the minimum wage in line with union proposals, suggesting a 7% increase to address inflation consistently hovering around 5% and to recover purchasing power lost in 2026, when there was a 3.1% increase with the CPI at 4.9% in October.
On 11 November, the general strike is intended to respond to an economic model that extracts income from work, ensuring sufficient earnings for the working class and controlling consumer prices and housing in the immediate future. CCOO is calling on workers across the country to participate in the general strike on 11 November.
