The economist Santiago Niño Becerra has spoken with the program of La Roca, in La Sextaand has launched a prediction about What will the next years be like in Spain? in the economic field. The renowned economist who anticipated the 2008 crisis in 2006 explained on the television program that life will become even more expensive.
“There are two issues that are different, one is the price of gasoline, the price of commodities, corn, wheat, etc., which is skyrocketing and will continue like this,” said Niño. But the economist wanted to make special mention of subjacent inflation, which is “much more important” than the general type of prices. That indicator, he pointed out, is at 4.9%, which he considers an “exaggeration”.
Core inflation also rpicks up price changes, but excludes energy and raw goods. In other words, this indicator does not include the most volatile components, the energy index (gasoline, gas, electricity) and unprocessed foods (fruits, vegetables, etc.)
Generation Z, the one that will suffer the most from inflation
The economist has spoken about the increase in food: “One of the signs of a country’s growth is the percentage of income that is allocated to food. In a country like Spain, after the Civil War, it was very normal for the average Spanish family to spend almost 40% of their income on food. This percentage has been going down progressively and now it is going up again.”. When the presenter of the program has asked him if eating will end up being a luxury, Niño has answered that “for some” it will be.
How does this translate? According to the expert, “Life is going to be more and more expensive”. In fact, the economist wanted to make an estimate of how prices will be in 2030. His prediction is not at all positive: “If you ask me the question: is life going to be more expensive in 2030, is it going to be worse? what in 2005? The answer is yes, clearly yes.
In any case, the expert explained that the new generations will not notice the price change because “they will not be able to compare it with anything”. “That is why the generation that goes from 2008 to 2023 is called the T generation, because it is the first of the new model. For that generation what happens will be normal, while the ones who are going to suffer the most are going to be us and generation Z, which goes from 1996 to 2008“, has manifested.