Spanish Economy Minister Nadia Calvino said on Tuesday, she expects the country’s annualized “inflation rate to remain at around 7% until the end of this year and will likely start falling from 2023.”

"The inflation slowdown would be "the best news not only because it improves the sustainability of the economy and eases the situation of Spanish households and companies, but because it will help the European Central Bank which could then stop raising interest rates," Calvino added.

Market reaction

The Euro shows little to no reaction to the above comments, with EURUSD trading 0.30% higher on the day at 1.0270, as of writing.