Economy

Spain’s inflation to remain at around 7% until year end, minister says


FILE PHOTO: Spain’s Economy Minister Nadia Calvino arrives for a Eurozone finance ministers meeting in Brussels, Belgium, July 11, 2022. REUTERS/Yves Herman

MADRID (Reuters) – Spanish Economy Minister Nadia Calvino said on Tuesday she expects the 12-month inflation rate to remain at around 7% until the end of this year and will likely start falling from 2023.

The inflation slowdown would be “the best news not only because it improves the sustainability of the economy and eases the situation of Spanish households and companies, but because it will help the European Central Bank which could then stop raising interest rates,” she said in an interview with Spanish radio station RNE.

The Spanish 12-month inflation rate in the period through October fell to 7.3%, down from a peak of more than 10% in July.

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