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The Bank Of Spain Will Review Inflation Upwards & More Latest News Here

Pablo Hernández de Cos, the head of the Spanish financial institution, said on Monday that the entity will downgrade its financial development and financial development for 2023. Raised its common annual inflation forecast to 2024 It will then print its macroeconomic forecast in early October.

In his speech on the President of La Caixa Basis “Financial System and Society”, the Governor defines the latest indicators There is a tendency to validate the lack of motivation for exercise In the third quarter, as employment vitality, vehicle registrations, retail business index or business manufacturing index slowed.

In addition, the Governor recalled Recovery in Spain after pandemic impact remains unfinishedA damaging output gap compared to the pre-pandemic range, not like the situation in the euro space.

Final version expected to be printed in June Gross Domestic Product (GDP) to grow 4.1% in 20222.8% in 2023 and 2.8% in 2024. Inflation, in turn, is projected at 7.2% in 2022, 2.6% in 2023 and 1.8% in 2024.

However, the latest forecast from Consensus Forecasts, equivalent to September, Mission development in Spain 4.3% by 2022 1.6% in 2023. Inflation-related, median fees are projected to be 8.8% and 4.1% in 2022 and 2023, respectively.

Inflation causes a sharp drop in real income

In his speech, the governor warned Inflationary pressures remain very excessive and persistent, resulting in a “substantial drop in real earnings”. “There is no recent precedent for the magnitude of the rise in inflation,” she said.

Especially in the euro area, Shopper Cost Harmonization Index (HICP) was 9.1% in August. In Spain, it has risen from a barely disruptive charge at the end of 2020 to 10.5% in August 2022.Although this Measures taken to curb rising electricity costs In line with Spanish financial institutions, the full inflation rate was reduced by a factor of 1.8 in the range.

For its part, the company warned that between December 2021 and August 2022, the year-on-year change in meal costs rose 8.1 times.It also produces aMake sure to switch to other products and suppliers: It is estimated that 10 factors in the cost of raw food supply will eventually have a four-tenth impact on the final CPI after 12 months.

Lack of purchasing power ‘very important’

In all of these cases, Hernandez Decos has determined Salary per worker in Spain rises by 4.8% In the second quarter, moderate inflation.

The governor is already worried Lack of household purchasing power ‘important’, while the corporate profit rate is relatively stable in the combination stage. As he warned, one of the many components of the threat to this state of affairs is tied to a viable second-round outcome, which is not currently happening. For this reason, he again insists that social brokers are necessary to reach a yield agreement.

On this frame, it should Agree on price allocation among businesses, they must be content with discounts on their unit profits, and employees, whose purchasing energy “cannot stay the same,” in line with the governor.Final revenue settlement should prevent overuse and thinking of measures multi-year commitment Regarding the increase in wages and the evolution of profit margins.

In this sense, it considers “fascinating” Stay away from auto-index formulas Wages with previous inflation or safeguard clauses to reduce the danger of triggering a proposed cycle between wage increases and value increases.

Furthermore, given the current state of affairs, the Governor warned that the financing situation is tightening Can improve currency pressure Get some support from companies and families. For Spain, it is estimated that the burden of monetary bills on financial results will improve by a factor of 2.5 to 5.6 in the short term, depending on the share of debt and loans, ahead of the curiosity of indebted mid-sized companies. Refinance.

Spanish financial institutions to assess inflation upwards
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