January jump

INFLATION rose to 5.8% across Spain in January, much above the market forecast.

The preliminary figure was up from 5.7% in December 2022, a 13-month low, as fuel price hikes accelerated in January. Meanwhile, clothing, footwear and electricity prices decreased from a year ago. The market estimate was at 4.9% year-on-year in January's consumer prices.

20,463,900 people employed.

The Economic Affairs Ministry stated that job creation slowed in the last quarter of 2022 ‘in line with the slowdown of the global economy’.

Control

The INE figures also showed that the number of home workers fell by 1.7 million in the last quarter of 2022 compared to the same period the year before, as employers encouraged staff back to the office now that the coronavirus pandemic is seemingly under control.

WANT spotlight will be on the latest US consumer price index. Could a sharper-than-expected drop in inflation dent Fed rate hike bets?

Transferring currency to or from Spain? Make your money go further

If you’re buying or selling a Spanish property, transferring a pension or wages or moving money to cover living costs, you’ll want to get the best possible return.

Currencies Direct have been helping individuals and businesses save time and money since 1996 with excellent exchange rates and no transfer fees.

Get a quote now to find out how much you could save.

With a team of over 550 currency experts and 20+ branches across Spain, Currencies Direct are never far away when you need them.

They’ll keep you up to date with the latest market movements so you can pick the right time to move your money. They also offer a range of specialist services that can be tailored to your individual requirements.

Fix a rate in advance – if you’re buying or selling a Spanish property and are concerned the exchange rate could weaken you can use a forward contract to fix the rate in advance of making your transfer. While you would miss out if the market strengthened you’d be protected from any negative shifts. Target an exchange rate – if you have a particular exchange rate in mind you can target it with a limit order. Simply set the rate you want to achieve, and your transfer will be triggered automatically if the market moves to that level. You can also use rate alerts to notify you when exchange rates hit target levels.

24/7 transfers – you can use the Currencies Direct online service and app to check live exchange rates and arrange transfers 24/7, keeping you in control. Your personal Account Manager will also be on hand if you want to discuss your requirements over the phone or face to face.

Buy currency in advance – with a Currencies Direct account you can buy currency when the exchange rate is in your favour and hold it in your digital currency wallet until you need it.

If you have a currency requirement coming up, get a quote now or reach out to the Currencies Direct team and quote Olive Press.

On a monthly basis, Spain's consumer price index (CPI) fell 0.3% in January, following a 0.2% rise last December. A further cooling in energy inflation, on the other hand, put some downward pressure on the 5.8% figure.