In March, the year-on-year inflation rate reached 3.2%, indicating a 3.2% increase in prices compared to the previous year. This was an increase of 0.8% compared to February, which was the largest monthly increase since February 2023. The rise in prices was mainly due to an increase in VAT on electricity, fuel, and tourist packages returning to the standard rate of 21% last month.
Several sectors experienced price increases in March, including electricity, fuel, accommodation services, restaurants, tourist packages, and clothing and footwear for the new season. However, the increase in prices for non-alcoholic foods and drinks moderated to a 4.3% year-on-year increase compared to February’s increase of 5%. This decrease was attributed to lower prices of legumes, vegetables, and other food products.
According to the Ministry of Economy, food prices have decreased more than 12 points over the past year due to improvements in family purchasing power and increased competitiveness among Spanish companies. The underlying inflation rate, which excludes fresh food and energy products, dropped from its peak of 4% in February to a still high but lower rate of 3.3% in March. Products like olive oil and national tourist packages showed significant inflation rates compared to the previous year when compared to February’s increases were mainly driven by Holy Week products such as hotels and other accommodations.
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