Calvino warns inflation will be "higher for a longer time"

Nadia Calvino (First Vice President and Minister for Economic Affairs and Digital Transformation) defended Wednesday's Executive's actions to lower prices. However, she warned that there could be "higher" inflation in the future due to "more weather".

In an interview with TVE, the economic minister said this. The interview was recorded by Europa Press on the day that it became known that the Consumer Price Index rose 1.8% in June compared with the previous month, and that its year-on-year rate shot up 1.5 percentage points to 10.2%. This is its highest level since April 1985 according to advanced data published by the National Institute of Statistics.

Calvino explained that the oil and gas price cuts "have not been good news" because they increased "by 50%" the cost of gasoline and "accelerated inflation at the international level". He has also defended the "timely measures" and the "very forceful>> anti-crisis decree supported by the Government. He said that Spain was anticipating the future to help support the entire population.

He reiterated that Executive had taken "decisive and effective" and "agile", which included mobilizing more than 1% GDP and a large number of very important resources. He insisted that "the outlook for energy prices are not positive."

Calvino asked for "to be aware" of the fact that Russia's invasion in Ukraine "improves Europe" and that Spanish society will "be cushioned by the effects". The war marks an before and after (...) We are now in a different scenario. He warned that we must prepare for higher inflation for a longer period of time.