The Bank of Spain has published its quarterly situation report. According to this report, the inflation rate for this year will be 3.7%, more than one point below the forecast that the agency made only three months ago, when they forecast a CPI of 4.9% at the end of 2023. Regarding the price of products and services, the Bank of Spain indicates that they have “moderated significantly since the summer” due “almost exclusively” to energy, the price of which will be 13.6% lower than in 2022. However, food they have continued to accelerate.
The Quarterly Report on the Spanish Economy analyzes the recent evolution of the economy, within the international context and the euro area, as well as some economic issues considered relevant. It incorporates in its analysis an Editorial, which summarizes the essential content of the report, and an update of the macroeconomic projections of the Spanish economy.
According to the national entity, there are no signs of a slowdown in the price of food right now. Companies still have to face a significant price increase in production and energy costs, and this affects the price of the final product. The situation, according to various experts consulted by the economic press, could take between one and two years to normalize.