Spanish inflation rises to 3.4% in March due to higher fuel prices
The CPI climbed by more than one point compared to last February, pushed up by the increase in energy prices. The government is confident that the anti-crisis plan will ultimately moderate prices.
Published on 14/04/2026 - 11:56 GMT+2
Spain's inflation rate rose to 3.4% in March, driven mainly by higher fuel prices linked to the Middle East war.
The figure, confirmed by the National Statistics Institute (INE), represents an increase of 1.1 percentage points from the 2.3% recorded in February and one tenth above the provisional estimate published at the end of March.
Core inflation, which strips out energy and fresh food, reached 2.7% in March, two tenths above both February's reading and the INE's initial advance.
The Harmonised Index of Consumer Prices (HICP), used for international comparisons, also rose to 3.4% year on year, up from 2.5% the previous month, reflecting the upward pressure from rising energy costs.
Transport was one of the main contributors to the rise in prices, with a year-on-year increase of 5.3%, driven by higher fuel and lubricant costs.
Housing registered a rise of 3.7%, almost two points more than in February, driven by electricity prices and liquid fuels.
Clothing and footwear rose 2.6% year on year, more than 3.5 points higher than the previous month, reflecting the start of the spring-summer season.
At a regional level, the Community of Madrid recorded the highest inflation in the country at 4.1%, followed by Galicia at 3.8% and Castilla-La Mancha at 3.7%.
Melilla and Ceuta recorded the lowest, both at 2.7%.
Government is confident in its anti-crisis plan
The government reiterated on Tuesday that the anti-crisis plan passed by the Congress of Deputies at the end of March will help moderate inflation in the coming months.
According to the Ministry of Economy, quoted by RTVE, "the effects of the fiscal measures on fuels are already being felt at petrol stations," though it acknowledged that international prices continue to push upwards.
The ministry also said electricity is acting as a "cushion" against the energy shock, and that Spain's commitment to renewables has become a "shield" against the economic impact of the Middle East conflict.
