March inflation in Spain down to 3.3% but underlying hits all-time high of 7.5%

inflation rises

The Consumer Price Index (CPI) rose by 0.4% in March compared to the previous month and cut its year-on-year rate by more than 2.5 points to 3.3%, its lowest value since August 2021, according to advanced data published on Thursday by the National Statistics Institute (INE).
This moderation in the year-on-year growth rate of the CPI places inflation at its lowest level since August 2021, when a rate of 3.3% was also recorded, and means breaking with two consecutive months of rises that took the CPI up to 6% last February.

The statistics body has attributed the lower growth in prices in March to the fall in the price of electricity and fuels, compared with the rise in the same month in 2022.

The INE includes in the advance CPI data an estimate of core inflation (without unprocessed food and energy products), which in March fell by one tenth of a percentage point to 7.5%, placing it 4.2 points above the general CPI and at its highest values in more than 40 years.

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