Inflation in Spain rises above three percent again

Consumer prices calculated for European comparison purposes rose 3.2 percent year-on-year in March. Inflation in the euro zone's fourth-largest economy has now moved slightly away from the European Central Bank's target value.

In Spain, inflation rose again in March. Consumer prices (HICP) calculated for European comparison purposes rose by 3.2 percent year-on-year, the statistics office INE announced on Wednesday in Madrid according to a preliminary estimate. Analysts on average had expected a slightly higher rate of 3.3 percent.

In February, the inflation rate reached 2.9 percent, after there was still one three to the decimal point from September last year to January 2024. Inflation in Spain also fluctuated sharply in 2023 overall.

On a monthly basis, consumer prices rose 1.3 percent in March. Analysts were also expecting slightly higher growth in this regard. In the previous month, prices rose by only 0.4 percent.

The government reduces support measures

In the euro zone's fourth-largest economy, inflation has now moved somewhat away from the target value of the European Central Bank, which aims for an inflation rate of 2% for the common currency area in the medium term.

Observers explained that Spanish inflation accelerated as the government continued to reduce support measures that helped contain rising energy costs. (APA/DPA-AFX)