Spanish families are starting to dip into their savings to maintain consumption, according to Raymond Torres from Funcas. The average inflation for 2026 is expected to be 3.7%.
Spanish families are beginning to use their savings to sustain consumption, according to Raymond Torres, director of Economic Situation at Funcas. He explained this in an interview with Ignacio Rodríguez Burgos on the podcast 'La mirada económica', from Onda Cero.
Torres points out that the rise in prices is already reducing households' purchasing power, which is reflected in consumption. According to available data, the proportion of income allocated to savings has decreased so far this year.
"There is a limit, this cannot be something that lasts a long time."
The economist adds that some families are exhausting their reserves while others prefer to tighten their belts rather than significantly reduce their savings capacity. This trend contributes to the slowdown that is already being perceived, which could intensify next year.
Funcas forecasts the growth of the Spanish economy at 2.5% in 2026 and 1.8% in 2027. The average annual inflation is expected to reach 3.7% this year, and year-on-year rates will exceed 4.5% during the last months of 2026.
"We are still talking about inflation rates significantly above four and a half percent."
Torres anticipates that the last quarter of the year will have particularly high inflation data, which will be noticeable in the shopping basket. Additionally, Funcas estimates an average wage increase close to 3.6% for this year, slightly below the expected inflation.
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