The CPI climbs to 3.2% in March and food prices moderate their growth to 4.3%

Core inflation fell two tenths, to 3.3%

MADRID, 12 Abr. (EUROPA PRESS) -

The Consumer Price Index (CPI) rose 0.8% in March compared to the previous month and raised its interannual rate four tenths, up to 3.2%, due to the rise in electricity prices due to the increase in VAT on electricity , fuel and tourist packages, which increased their prices coinciding with the celebration of Holy Week, according to the final data published this Friday by the National Institute of Statistics (INE), which confirms those advanced at the end of last month.

For its part, the price of food and non-alcoholic beverages moderated its year-on-year increase in March to 4.3%, one point less than in February and its smallest increase since November 2021, due, for the most part, to the decline of the prices of legumes and vegetables and other food products. The rise in meat prices, lower than in March 2023, also had an influence.

With the increase in the interannual CPI in the third month of the year, inflation once again registered increases after the decline of six tenths that it experienced in February and which took inflation to 2.8%, its lowest level since August 2023.

The rebound in March also returns the CPI to rates above 3% after having fallen below that level in February, when it had then been above that percentage for five consecutive months.

The Ministry of Economy has highlighted in an assessment sent to the media that the "slight" increase in the CPI in March was fundamentally due to the normalization of the VAT on electricity after almost three years of applying the reduced VAT.

Likewise, the Department led by Carlos Body has especially highlighted the moderation of food prices, whose rate has been reduced by more than 12 points in the last year.

"Inflation data continue to reflect the capacity of the Spanish economy to reconcile the greatest economic growth among the main countries in the euro zone with a moderation in prices and the maintenance of support for the most vulnerable. The purchasing power of the families and the competitiveness of Spanish companies," said Economía.

Core inflation (without unprocessed food or energy products) fell two tenths in March, to 3.3%, a rate one tenth higher than that of the general CPI and the lowest since February 2022. The difference between the underlying and the General inflation, of one tenth, is the lowest since November 2022.

In monthly terms (March over February), the CPI increased by 0.8% after increasing the prices of electricity, gasoline, accommodation services, restaurants, tourist packages and clothing and footwear by the new spring-summer season.

In the third month of the year, the Harmonized Consumer Price Index (IPCA) placed its interannual rate at 3.3%, four tenths more than in February. For its part, the monthly variation of the IPCA was 1.4%.