According to a report by Funcas, the ongoing conflict in the Middle East, particularly the war in Iran, is expected to have significant economic repercussions globally, with immediate effects already observable in Spain's economy. The cost of fueling vehicles has risen by 10 cents in just a week, reflecting the broader implications of the geopolitical situation. Funcas forecasts that inflation in Spain will surpass 3% by the summer, while GDP growth is anticipated to be two-tenths of a percentage point lower than previously expected in 2026.

The analysis emphasizes that sustaining current energy prices and their associated economic conditions will likely push the Consumer Price Index (CPI) slightly above 3% before it stabilizes around 2.5% by the end of the year. This forecast suggests that while inflation may see a temporary spike due to external pressures, a degree of normalization is expected as the year progresses. The escalation in the prices of energy products is typically translated into increased costs for consumers, affecting their purchasing power and overall economic sentiment.

In the broader context, the economic instability resulting from the Middle Eastern conflict poses challenges for Spain, which is already grappling with the repercussions of global supply chain issues and energy dependence. As inflation rises and growth slows, policymakers may face difficult choices regarding fiscal and monetary responses to mitigate adverse effects on local and national economic stability.