Spain to raise inflation forecast after prices climb -economy minister

People passing by a clothing retailer in Ronda, southern Spain, April 27, 2022. REUTERS / Jon Nazca

MADRID, July 14 (Reuters) – The Spanish government will raise inflation after annual inflation reached 37 years in June, Finance Minister Nadia Calvino said on Thursday.

The fall in Spanish prices will remain at the current 10% level before the fall of summer, he told RNE radio.

“Predictability should continue with rising inflation, high inflation, and our goal is to bring inflation closer to almost the entire European Union,” he said, adding that the government would take action to alleviate the consumer crisis.

Spanish inflation has skyrocketed in recent months, driven by rising electricity and food prices, and surpassed 10% for the first time in 37 years in the 12 months to June, the country’s statistics agency said earlier this week.

The Spanish government is expected to revise its forecast for a number of indicators, including inflation and economic growth, in September. The most recent forecast for inflation in 2022 is 6.1%.

Reports of Inti Landauro; Edited by Hugh Lawson and Jamie Freed

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