ICYMI - Spain to raise minimum wage by 8%

Spain was in the news on Monday:

• Spain January preliminary CPI +5.8% vs +5.7% y/y prior

That data point was cited as a reason behind the slump in risk assets on Monday.

On Tuesday this from the country:

• Spain's government is set to approve an 8% rise to the national minimum wage in this election year, Prime Minister Pedro Sanchez told lawmakers on Tuesday
  
  The increase, the fifth under Sanchez's premiership, would represent an additional 93 euros ($100) per month, bringing the new minimum wage to 1,259 euros in 12 instalments per year

Info came via Reuters ICYMI

---

If this is copied in other EU countries, to a great or lesser extent, it should keep the European Central Bank firmly on its rate hike path.

European Central Bank President Lagarde - AI portrait