It is true that there are economies in the eurozone with greater problems than Spain’s and whose prices are much higher, such as the three Baltic republics – Lithuania (13.9%), Estonia (12.4%) and Latvia (8.9%) – as well as Belgium (9.6%) and Slovakia (8.2%). But the rest are on a par… or below.
In Germany, year-on-year inflation is already at 7.3% after rising 2.2 points from February. It is the highest since reunification in 1990.
In France, inflation released today is up to 5.1%. And in Italy, also published today, it has gone up to 7%.
As Juan Ignacio Crespo, financial analyst and fund advisor at Renta 4, explains, “the key lies in the loss of productivity in the Spanish economy…This is much higher than in other countries, as our GDP is 6% or 7% lower than before the pandemic, but with the same or higher level of employment”.