Spain's Inflation Surges to 3.4% Amidst Rising Fuel Costs

Spain's inflation rate climbed to 3.4% in March, primarily due to escalating fuel prices linked to the Middle East conflict.

The National Statistics Institute (INE) confirmed this figure, marking a significant increase from February's 2.3%.

Core inflation, excluding volatile energy and fresh food prices, rose to 2.7%.

The Harmonised Index of Consumer Prices (HICP), used for international comparisons, also ascended to 3.4% year-on-year.

Transport costs saw a 5.3% annual increase, driven by higher fuel and lubricant expenses. Housing prices rose 3.7%, significantly influenced by electricity and liquid fuel costs.

Clothing and footwear prices increased by 2.6% year-on-year.

Regionally, Madrid reported the highest inflation at 4.1%, while Melilla and Ceuta recorded the lowest at 2.7%.

The Spanish government remains confident that its anti-crisis plan, enacted in late March, will help stabilize inflation in the coming months.