The inflation rate increased to 2.3% in March, the National Statistics Institute (INE) announced this Thursday, March 28th. The pace of price increases then accelerated, compared to the same inflation rate in February, which had been 2.1%.
Energy products were responsible for the acceleration of the general index. The INE estimate shows an increase in the energy inflation rate to 4.8% in March (4.3% in February).
Unprocessed food products (a category that includes goods such as raw vegetables, fruits, meat and fish) are, however, experiencing deflation. That is, in March 2024 they have, on average, lower prices than in the same month last year. The annual inflation rate for this category of goods was -0.5%, compared to 0.8% in February. An evolution “partly as a result of the base effect associated with the price increase recorded in March 2023”, explains INE.
The underlying inflation rate, which excludes unprocessed food and energy products as they have a more volatile price, is also expected to have increased to 2.5% in March. In February it was 2.1%.
In the chain comparison (that is, from February to March), prices will have increased by 2%. In February, prices had, on average, remained stable compared to January.
The average variation in the inflation rate over the last 12 months was estimated at 2.9%, compared to 3.3% in February.
The Harmonized Consumer Price Index (HIPC), which counts for Brussels, “recorded a year-on-year variation of 2.6%”, also growing compared to 2.3% in February.
INE will publish the definitive data for March on April 10th.
