Consumers already starting to tighten their money belts

Inflation and the price of fuel are expected to continue rising over the winter, mainly due to the high demand for fuel over the winter, but come the Spring, the price of fuel is forecast to start declining. However, for the next five months, the Balearic economic growth is going to slow down, as it will on the mainland and further increases in interest rates could hit mortgage owners even harder. Once the Balearics have endured the winter, the Secretary of State for the Economy and Energy, José Folgado, said yesterday that the government will start keeping a close watch on petrol companies and monitor fuel prices.