Due to declining electricity and fuel costs, Spain’s consumer price inflation eased in March to its lowest level since August 2021, but core inflation remained sticky, according to preliminary estimates from the INE statistical office.
After rising by 6.0 percent in February, consumer costs increased by a much slower 3.3 percent from the previous year.
Since August 2021, when it was at the same level, the most recent rate was the lowest. Prices were predicted to increase by 3.8%.
This development was primarily caused by the fact that fuel and electricity prices rose in March 2022 but fell in the subsequent time.
With energy and non-processed food prices excluded, core inflation only marginally decreased from 7.6 percent in February to 7.5 percent.
Consumer prices as a whole increased by 0.4 percent on a monthly basis, which was less than February’s 0.9 percent rise. 0.6 percent growth was what economists had predicted.
After increasing 6.0 percent in February, the harmonized indicator of consumer prices, or HICP, increased by 3.1 percent in March. Additionally, the rate was lower than the predicted 4.0 percent.
Since prices increased by 2.9 percent in July 2021, EU adjusted inflation has slowed to its lowest level.
The HICP increased by 1.1 percent month over month, outpacing the 0.9 percent increase from one month prior. An increase of 1.6 percent per month was predicted by economists.
Source: RTT NEWS
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