Spain experienced a rapid increase in consumer prices in March, largely due to a rise in electricity and fuel prices, according to preliminary data released by the country's national statistical institute, INE.
Year on year, the consumer price index saw a 3.2 percent growth, an increase from February's 2.8 percent. This rate was in line with projections.
If you factor out food and energy prices, the core inflation rate actually softened slightly to 3.3 percent from 3.5 percent in the previous month.
The INE highlighted that there was a notable rise in electricity and fuel prices in March compared to a decline during the same period the previous year. Meanwhile, the cost of food and non-alcoholic beverages increased less than it did in the same month of the previous year.
On a monthly basis, the consumer price inflation rose to 0.8 percent from 0.4 percent, signifying a doubling since January. Surprisingly, this increase surpassed the predicted 0.6 percent.
According to the harmonized index of consumer prices, inflation grew to 3.2 percent annually in March from 2.9 percent a month earlier. This increase was slightly weaker than the predicted 3.3 percent.
In terms of month-to-month numbers, the harmonized index of consumer prices rose by 1.3 percent, up from February's increase of 0.4 percent. The anticipated rise was 1.2 percent.
