Economy expects a "more limited" impact on the Spanish economy from the cessation of imports of Russian energy

MADRID, 31 May. (EUROPA PRESS) -

The Ministry of Economic Affairs and Digital Transformation has indicated this Tuesday that the cessation of energy imports from Russia will foreseeably have an additional negative impact on European economies and fuel prices, although more limited in the case of Spain given the lower dependence.

After knowing the inflation data from the community statistics office, Eurostat, the Ministry has indicated that "everything points" to the fact that Spain reached the peak of inflation in the month of March. The interannual variation rate forecast for the month of May according to Eurostat, of 8.5% in the harmonized CPI, is below the maximum registered in the past month of March.

"The response measures to the impact of the war deployed by the Government are clearly limiting the rise in prices", defended the Economic Department, after ensuring that the next entry into force of the limitation of electricity prices in the market wholesaler will provide additional insurance against possible rises in the price of energy in international markets.

The Executive thus maintains the forecast that inflation will gradually slow down during the second part of the year, without ruling out fluctuations during the summer months, derived from possible base effects, and taking into account the high uncertainty derived from the global economic context.

"Spain registers in May an inflation rate aligned with the average of the Eurozone and lower than that of countries such as Germany (8.7%), the Netherlands (10.2%) or Belgium (9.9%)", highlights the Ministry headed by Nadia Calviño. In addition, she points out that of the 19 countries in the Eurozone, there are 11 with an inflation rate higher than that of Spain.

According to Ministry sources, inflation is a global phenomenon that requires coordinated responses at a European level. Rising prices for energy and other raw materials on international markets, along with bottlenecks in global supply chains, are the main cause of rising prices.