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Retail

Spain To Raise Inflation Forecast After Prices Climb: Economy Minister

The Spanish government will raise its inflation forecast after annual inflation hit a 37-year high in the period to June, economy minister Nadia Calvino said on Thursday.

The Spanish inflation rate will remain at the current levels of about 10% before starting to fall at the end of summer, she said in an interview with local radio station RNE.

"Forecasts are to continue with a high inflation, very high, and our goal is to get the inflation near the average of the European Union," she said, adding the government will take more measures to cushion the negative impact on consumers.

Inflation

Spanish inflation has accelerated in the past few months, driven by rising energy and food prices, and surpassed 10% for the first time in 37 years during the 12 months to June, the country's statistics institute said earlier this week.

The Spanish government is due to update its official forecasts for most indicators, including inflation and economic growth, in September. The current inflation forecast for the whole of 2022 stands at 6.1%.

Consumer prices rose 6.1% year-on-year in January 2022, with the 12-month inflation rate declining for the first time since February 2021, data from the National Statistics Institute (INE) showed.

In April of this year, sales of consumer goods rose 13% in the country in the wake of Russia's invasion of Ukraine as supply concerns, exacerbated by a partial transport strike, prompted shoppers to stock up on staples.

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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