The ‘step effect’ in electricity and fuel leads inflation to its lowest level since August 2021
MADRID, 14 Abr. (EUROPA PRESS) –
The Consumer Price Index (CPI) rose 0.4% in March in relation to the previous month and cut its interannual rate by 2.7 points, to 3.3%, due to cheaper electricity and fuel and the fact that the prices of food and clothing and footwear increased less than in the same month of 2022, according to the final data published this Friday by the National Institute of Statistics (INE), which coincide with those advanced at the end of last month.
This moderation in the year-on-year growth rate of the CPI places inflation at its lowest level since August 2021, when a rate of 3.3% was also registered, and means breaking two consecutive months of increases that brought the CPI to 6 % last February. The year-on-year rate of the CPI had not fallen so much in a month (-2.7 points) since May 1977.
For its part, core inflation (without unprocessed food and energy products) fell by one tenth in March, to 7.5%, standing 4.2 points above the general CPI and at its highest values ??in more than 40 years. .
The gap between core inflation and the general rate is the most pronounced since August 1986, when the INE began to calculate the former.
The Ministry of Economic Affairs has highlighted that subjacent inflation fell in March for the first time since last September, while stressing that Spain remains among the countries with the “lowest” inflation in the European Union.
According to Statistics, food prices grew by 16.5% in the interannual rate in March, one tenth less than in February, when they increased by 16.6%, a record rate since 1994.
This behavior was influenced by the fact that fish and shellfish, milk, cheese and eggs, and oils and fats increased their prices by less than in March of last year. In contrast, the prices of legumes and vegetables and other food products rose more than in March 2022.
The Department headed by Nadia Calviño has valued the moderation by one tenth of food prices and the “good behavior” of electricity prices thanks to the “Iberian exception” and fuel.
In monthly terms (March over February), the CPI registered an increase of 0.4%, five tenths less than what it rose in February (0.9%) and 2.6 points below what it did in March 2022, when prices shot up 3%.
Several factors influenced this monthly increase in prices, including food, which became more expensive by 1.1% compared to February due to price increases in most of its components, especially legumes and vegetables, meat and other products food.
(((WILL BE EXTENSION)))
