Alex Trelinski
LOWER electricity and fuel prices helped Spain’s inflation rate to go down to 2.3% in March.
The National Institute of Statistics(INE) said on Friday that it was the lowest figure since October when the index stood at 1.8%.
It confirmed the provisional INE figure released last month.
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Electricity prices fell to an annual rate of 12.8% compared to 28.1% in February.
The inflation reduction was also boosted by lower rises in holiday packages.
In a statement, the Ministry of Economy said: “In a context of high international uncertainty, Spain continues to remain the largest economy that grows the most in the euro zone, which is compatible with a fall in prices and increased purchasing power.”
Food prices went up by 2.4%- up by 0.2% on February- while alcohol and tobacco rose by 0.1% to 3.1%.
Core inflation, which strips out volatile food and energy prices, stood at 2.0% last month- the lowest rate since November 2021.
The biggest annual price drops were for olive oil, 37.9%; sugar, by 15.6%, and liquid fuels, by 10.9%.
The largest rises were for jewellery and costume jewellery, by 24.7%; chocolate, 24.6%; other oils, 17.3%, and coffee, with 15.5%.
Among the regions, the Balearic Islands had the highest annual inflation rate with 2.9%, while Murcia and the Canary Islands had the lowest with 1.6%.
