• The inflation differential favorable to Spain with respect to the euro zone is maintained

The interannual rate of the general CPI increased by two tenths in March 2019, standing at 1.3%, as the INE advanced at the end of last month, due to the higher rise in energy prices.

The prices of energy products increased 5.6% in March, due to the increase in the prices of fuels and lubricants (6.8% year-on-year) and electricity (3.5%), influenced by the base effect associated with the intense inter-monthly fall recorded in March 2018.

The prices of unprocessed food increased 2% year-on-year, highlighting in this evolution the deceleration of fresh fruits (0.6%), and fresh vegetables (5.9%).

Core inflation, which excludes the most volatile elements of the CPI (unprocessed food and energy products), remained at 0.7% year-on-year in March, due to the practical stabilization of the price advance rates of its three components.

The growth rate of the prices of non-energy industrial goods increased by one tenth, to 0.2%, while those for processed foods and services remained at 0.4% and 1.1%, respectively.

Among services, among the components that contributed to reducing inflation, the tourist packages (-6.9%) and accommodation services (0.7%), mainly influenced by the Holy Week calendar, stand out. Year is celebrated entirely in April and last year began in March. In the opposite direction, the lower decrease in passenger air transport prices (-7.5%) and the restoration increase (1.9%) contributed to increase inflation.

In March, the interannual rate of the CPI increased in all the autonomous communities, registering the greatest increases, of four tenths, in the Balearic Islands, Castilla-La Mancha and Galicia.

The interannual rate of the CPI to constant taxes stood at 1.3% in March, as was the general CPI.

The INE has also published the harmonized CPI (CPI) for the month of March, whose annual rate also increases two tenths, up to 1.3%. The advanced inflation by Eurostat for the whole of the euro zone stands at 1.4% in that month, resulting in a favorable differential for Spain of 0.1 percentage points.



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