Inflation in Spain drops to 2.3% in March due to falling electricity and fuel prices

Inflation in Spain dropped to 2.3% in March, down seven-tenths of a percentage point from February, according to preliminary figures released on Friday by Spain's National Statistics Institute (INE). 

The decline is largely due to lower electricity prices – driven by increased rainfall, which has boosted hydroelectric power generation – and cheaper fuel costs compared to a year ago. 

This marks the first decrease in inflation since September, following five consecutive months of increases in the Consumer Price Index (CPI). 

Meanwhile, core inflation, which excludes items such as energy and unprocessed food, fell by two-tenths of a percentage point to 2%, its lowest level in over three years, since December 2021. 

Compared to February, prices edged up 0.1% in March 

The preliminary figures do not include regional data. The INE will release definitive CPI figures for March, including data for Catalonia, in mid-April.