Spanish prices increasing

NEARLY half of companies in Spain, 44 per cent, have increased their prices from January to March 2023, and slightly more than half plan on doing so sometime before the end of the year, according to a new survey of 15,000 companies carried out by the Bank of Spain.

Analysts from the Bank of Spain say that for many industries the price adjustments for the rest of the year are concentrated in the first few months. The rise in prices has been seen in all sectors, although it has occurred “with more intensity” in services such as information and communication and administrative services.

Most companies, however, expect the situation to improve considerably in the second quarter. Three out of four firms or 74 per cent believe that labour costs will also increase in the coming months.