Spain’s CPI inflation accelerates to 3.2% in March

Annual consumer price inflation in Spain accelerated to 3.2% in March from a six-month low of 2.8% in February, preliminary data by the National Statistics Institute showed on Wednesday.

The actual figure came in line with market consensus.

In March, prices of electricity and fuel picked up, while the cost of food and non-alcoholic beverages rose at a softer rate.

Annual core CPI inflation, which excludes volatile categories such as food and energy, slowed to 3.3% in March from 3.5% in February. It has been the lowest core inflation rate since February 2022.

Meanwhile, Spain’s European Union-harmonized 12-month CPI inflation picked up to 3.2% in March from 2.9% in February.

In month-over-month terms, consumer prices in Spain increased 0.8% in March, while exceeding market expectations and following a 0.4% gain in February, the data showed.

The Euro was last 0.06% firmer against the US Dollar on Wednesday, with the EUR/USD currency pair trading at 1.0837. Still, the major Forex pair was within striking distance of a three-week low of 1.0802, which it registered on March 22nd.