In March, the CPI moderated growth to 3.3 percent, but food prices rose by 16.5 percent.

The consumer price index (CPI) increased in March by 0.4% compared to the previous month and decreased its annual rate by 2.7 points. up to 3.3%, due to cheaper electricity and fuel and due to the fact that the prices of food and clothing and footwear rose less than in the same month of 2022, according to the final data published this Friday by the State Statistics Office (INE), which coincide with the advanced end of last month, according to Europa Press.

This moderation of the annual CPI growth rate puts inflation at its lowest level since August 2021, when a rate of 3.3% was also recorded, marking the end of two consecutive months of growth that brought the CPI to 6% last February. The year-on-year CPI rate has not fallen this much in a month (-2.7 points) since May 1977.

On its part, Core inflation (excluding unprocessed food or energy) fell by one-tenth in March to 7.5%, which is 4.2 points above the general CPI and at the highest level in more than 40 years, according to Europa Press.

The gap between core inflation and the general rate is the most pronounced since August 1986, when INE began calculating the first.

The Ministry of Economy pointed out that core inflation fell in March for the first time since last September, and pointed out that Spain remains among the countries with the “lowest” inflation in the European Union.

Food prices rise by 16.5% year-on-year

According to Statistics, food prices in March grew by 16.5 percent year-on-year, a tenth less than in February, when they rose 16.6 percent, which is the highest rate since 1994.

This behavior was influenced by the fact that fish and shellfish, milk, cheese and eggs and oils and fats they raised prices less than in March last year. In contrast, the prices of pulses and vegetables and other food products rose more than in March 2022, reports Europa Press.

The department headed by Nadia Calviño appreciated moderation in one-tenth of food prices and the “good performance” of electricity prices thanks to the “Iberian exception” and fuel.

In monthly terms (March compared to February), the CPI recorded a growth of 0.4%, five tenths less than the growth in February (+0.9%) and 2.6 points below that in March compared to 2022. when prices jumped 3%, reports Europa Press.

This monthly price increase was influenced by several factors, including food, which rose in price by 1.1 percent compared to February due to the increase in the price of most of its components, especially pulses and vegetables, meat and other food products.