The consumer price index advance data is at 9.8%, two points above the February CPI. Striking is the rise of electricity, fuels and food and non-alcoholic drinks.
The consumer price index (IPC) in Spain was posted in March in the 9.8% the highest year-on-year rate in the past 37 years, since May 1985 It represents a two point increase from the previous month’s year-over-year CPI, and a 3% increase from February prices
According to the advanced data published by the National Institute of Statistics, the increase in the annual CPI for March to 9.8% is due to the “widespread” uploads in most of its components, focusing on the rise in prices of electricity, fuels and food and non-alcoholic drinks, higher in March this year than in the same month of 2021.
The INE includes in the preview of the CPI data an estimate of core inflation (excluding unprocessed foods or energy products), which rose four-tenths in March to 3.4%, the highest value since September 2008.
In terms of variation over the past month, the IPC registered in March a 3% increase compared to Februarythe highest monthly increase since 2002, when the methodology of this statistic was changed to better follow the evolution of the market.
The data published today is the Advanced CPI. The INE will publish the final dates for March on April 13.
Sánchez acknowledges the “poor data”, but is confident that the measures will “stabilize” it.
The President of the Spanish government, Pedro Sánchez, has acknowledged that the advanced CPI data is “bad data”, but he is confident that the shock plan approved by the executive against the crisis caused by the Russian invasion of Ukraine and the agreement to The gas price makes it possible to “bend the curve in the near future and stabilize the evolution of the cost of living”.
In his speech to the Congress plenary session, Sánchez assured that: 73% of the increase explained by the runaway price of the Energy and the food not worked out and that this has also been “exacerbated by the war in Ukraine”.
Source: EITB
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