Spain Inflation Climbs To 21-month High

(RTTNews) - Spain's consumer price inflation accelerated less than expected in March to the highest level in nearly two years, a flash estimate from the statistical office INE revealed on Friday.

The consumer price index rose 3.3 percent year-on-year in March, faster than February's stable increase of 2.3 percent. The expected inflation rate was 3.7 percent.

Moreover, this was the highest inflation rate since June 2024, when prices had risen 3.4 percent.

The upward trend in inflation was mainly due to the rise in prices of fuels and lubricants for personal vehicles, the agency said.

The slowdown in the decrease of electricity costs along with the increase in heating oil prices also contributed to the rise in overall inflation.

Excluding unprocessed food and energy products, core inflation held steady at 2.7 percent.

On a monthly basis, consumer prices rose 1.0 percent versus a 0.4 percent gain in February.

The EU measure of inflation, the harmonized index of consumer prices, also grew at a faster pace of 3.3 percent annually in March, following a 2.5 percent increase in the prior month. Further, this was also the highest inflation rate since June 2024. Monthly, the HICP rose 1.5 percent.