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In March, the inflation rate in Spain surged to 3.2% year-on-year, a four-tenths increase from the previous month. This increase was driven by several factors, including the end of tax cuts on electricity and the return to a 21% VAT rate.

The monthly price evolution has been on an upward trend since January, with prices rising by 0.1% in January, 0.4% in February, and 0.8% in March. This marked a significant rise in prices compared to February when they were only 2.8% higher year-on-year. However, provisional data released by the National Institute of Statistics suggests that underlying inflation will be moderated to 3.3%, which is the lowest rate in the last two years.

The provisional data also indicates that core inflation, which excludes fresh food and energy products, will be higher than expected at 3.5%. This marks a reversal from February’s core inflation rate of only 3%. Additionally, there was an increase in gasoline prices and services have been driving most of the price increases, along with certain food products like olive oil. Despite these increases, food prices in March rose less than they did in the same month last year due to government intervention measures aimed at keeping them under control.

Overall, while experts had predicted a slightly lower inflation rate for March compared to February’s actual figure of 3.2%, this turned out not to be the case as prices continued their upward trend despite government efforts to stabilize them through tax cuts and subsidies for consumers and businesses alike.

In conclusion, it seems that despite efforts by Spanish authorities to keep inflation under control through various measures such as tax cuts and subsidies for consumers and businesses alike, price increases have continued unabated so far this year with some sectors experiencing more significant price hikes than others

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