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In this article, we seek to identify the degree to which import prices are transmitted to the CPI, how much is due to energy and with what lag period this transmission is observed.

We revise upwards our growth forecast for the Spanish economy in 2025, from 2.4% to 2.9%. For 2026, we revise the forecast upwards by 0.1 pp, placing it at 2.1%.

The resistance exhibited by international economic activity, the reduction of uncertainty and the improvement in growth projections indicate a better immediate outlook. However, the world economy is not out of the woods yet. 

The year-end data for 2023 confirm that, despite a fall in their revenues, businesses have continued to generate lending capacity and to reduce their levels of debt to the lowest they have been in over two decades.

In the current context of high inflation, one cannot help but wonder about its impact on wage dynamics. To properly frame this burning issue, and in order to have sufficient information to answer it, it is essential to analyse the historical relationship between prices and wages.

A new indicator of the monthly expenditure at petrol stations using anonymised data from CaixaBank customers shows us how we have adapted our fuel consumption to the rise in prices.

The conflict in the Middle East set the pace for financial markets in a month marked by very high uncertainty and as geopolitics continued to redefine the economic landscape.

The strengthening of Spanish households’ finances has exceeded expectations and is good news for the Spanish economy, as the challenging context looks set to continue over the coming quarters.

Where will inflation in advanced economies lie when the cycle that began with COVID-19, and which has continued with the war in Ukraine, comes to an end and what will happen with inflation targets?

In this article, we analyse the factors behind the recent behaviour of investment in Spain, comparing the current investment cycle with the previous one (2014-2019) and contrasting the situation in Spain with that of its main euro area partners.

The available information suggests that Spain’s economic activity has continued to grow at a steady pace during Q1, despite an adverse economic context and inflation hovering at around 3%.

CaixaBank’s consumption indicators built using big data techniques and internal card spending data confirm the good dynamics of the catering sector in Spain and its close relationship with tourism.

Russia’s importance as a global exporter of oil, natural gas and other commodities is the main channel through which the economic impact of the war in Ukraine will be felt, together with uncertainty and a new open front for global value chains that are already under stress.