Thursday, 04 August 2022, 18:45
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Consequences of the war started by Vladimir Putin in Ukraine on February 24, 2022 they hit the whole of Europe and beyond, especially due to the increase in gas prices and petrol. Thus, a country where 1 million Romanians live, Spain, is facing the highest inflation rate in the last 38 years, which reached 10.8% in July.
Spain has revised its inflation forecasts for 2022 and 2023 following the announcement by Nadia Calvino, the Minister of Economy. Thus, the value of the indicator is forecast to be 7.8% in 2022 and 2.9% in 2023, according to Saltwire.
The prices of consum in Spain rose at the fastest pace since September 1984. Thus, Madrid announced that prices rose by 10.8% in July, after having had the value of 10.2% in June.
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Spain is struggling with inflation, which has been recorded in several European countries, such as Italy and Turkey, due to the fallout from Russia’s war in Ukraine.
Experts in Spain report that this increase in inflation is mainly due to higher prices of food and soft drinks, in addition to electricity costs.
Despite all these difficulties, however, Spain has announced that it is maintaining its economic growth target from 2022, forecasting it at 4.3%. But for next year, Calvino lowered the prediction to 2.7%, down from the previously mentioned 3.5%.
“It’s a very difficult situation for families and households in general” who are struggling to pay their energy bills, which have risen sharply amid rising prices in the field, said Monica Guiteras Blaya of Barcelonawho works at Enginyria Sense Fronteres, for Euronews.
Let’s mention the fact that approximately 1 million Romanians live in Spain according to the Ministry of Inclusion, at the end of 2020. But their number is decreasing, due to the fact that life has become very expensive.
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