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Spanish Experts: Stronger U.S. Dollar Intensifies Inflationary Pressures in Spain

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Xinhua News Agency, Madrid, November 24 (Reporter Hu Jiaqi and Xie Yuzhi) Under the influence of factors such as the spillover effect of the Fed's aggressive interest rate hikes, the inflation rate in the euro zone continued to rise. A Spanish economic expert said in an interview with a reporter from Xinhua News Agency a few days ago that the Fed’s interest rate hike has led to the appreciation of the dollar and the depreciation of the euro, which will further boost Spanish inflation and increase the burden on people’s livelihood.

According to the latest statistics from Eurostat, energy and food prices in the euro zone continued to soar, and the inflation rate in October reached 10.7% on an annual basis, hitting a record high. Eleven of the 19 member states have double-digit inflation, with Spain at 7.3%.

In the face of inflationary pressure, the Spanish government has promulgated a number of measures to reduce the impact on people's livelihood, including providing transportation and gasoline subsidies for residents, and reducing value-added tax on electricity charges.

Gail Allard, a professor of economics at IE University in Spain, believes that the Fed's interest rate hike has led to the appreciation of the dollar and the depreciation of the euro, making Spanish imports more expensive and prices rising further. In addition, the European Central Bank was forced to follow the Federal Reserve to raise interest rates, and bank interest rates rose, causing social and people's livelihood problems such as "abandoning houses and cutting off mortgage loans" by mortgage borrowers.

Allard believes that the Spanish economy is facing an energy crisis and severe inflation, and people's disposable income is dwindling. At the same time, Spain has a large amount of investment in Latin American countries. If the debt crisis erupts in some countries with high foreign debt due to the Fed's aggressive interest rate hike, it will also have an impact on Spain.

Montserrat Guillen, a professor of economics at the University of Barcelona in Spain, pointed out that the ECB hopes to raise interest rates to curb consumer demand, which is "a standard economic policy." He predicted that the European Central Bank will raise interest rates in the future.

After the end of the monetary policy meeting on the 2nd of this month, the Federal Reserve announced an interest rate hike of 75 basis points. It was the Fed's sixth straight rate hike this year and the fourth straight 75 basis point increase. Since the beginning of this year, the Federal Reserve has raised interest rates by 375 basis points, and the European Central Bank has raised interest rates by 200 basis points.

(Editors in charge: Yu Yang, Cui Yue)

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