Spain’s 7.5% core inflation shows cost increases still being passed on to rest of economy

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Bankinter : The March final CPI figure confirms the preliminary 3.3%, up from 6.0% year-on-year in February. The month-on-month figure also confirms the preliminary 0.4% (from +0.9% m/m previously). The underlying rate confirms the preliminary year-on-year figure of 7.5% (vs +7.6% year-on-year previously).

ipc espana marzo 2023
Annual CPI rate: general and core, percentage


The moderation of the general data in March is based on the decline in electricity and fuel prices. Despite this, the underlying rate (+7.5% year-on-year) continues to show that the increase in costs continues to be passed on to the prices of goods and services. Our estimates point to an average rate of +4.3% year-on-year in 2023 and +2.8% year-on-year in 2024.

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