US EditionSpanish Prices Rise at Fastest Pace Since 2024 on Iran War
Spain’s inflation climbed to 3.3% in March due to rising fuel and heating oil costs amid Middle East conflict, prompting a €5 billion government aid package.
- On Friday, Spanish inflation rose to 3.3% in March, surpassing February's 2.5% rate but falling short of the 3.8% median economist estimate, statistics agency INE said.
- Soaring fuel costs resulting from the conflict in the Middle East and closure of the Strait of Hormuz are driving the price surge. Prime Minister Pedro Sanchez called the impact "an absolute disaster" for families' pockets.
- The Spanish government approved a $5.78 billion package targeting transport, agriculture, and electricity bills to cushion the economic impact. Officials noted the country remains in a better position than during the 10 percent inflation spike four years ago.
- Traders expect the European Central Bank to consider raising borrowing costs at next month's meeting, as the latest ECB outlook projects prices will rise 2.6% this year, surpassing the 2% target.
- New Bank of Spain forecasts are likely to revise up domestic inflation projections to 2.1% in 2026 and 1.9% in 2027. Governor Jose Luis Escriva noted last week the situation remains highly volatile.
28 Articles
28 Articles
El Periódico
laprovincia.esInflation rebounded in March to 3.3% year-on-year, a point above the February figure, driven mainly by fuel prices following the rise in oil prices caused by the war initiated by the United States and Israel against Iran. Thus, it reached a level that was not seen since June 2024. According to the advance indicator published on Friday by the National Institute of Statistics (INE), the increase in March inflation also influenced, although to a le…
The year-on-year rate of the CPI rose to its highest level since June 2024.
From the pump to the shopping basket. The rise of gasolines by the war in Iran has triggered one point inflation in March to put the annual rate at 3.3%, its highest level since June 2024. It is the biggest increase in the overall rate in a single month since June 2022, in the midst of Russian invasion of Ukraine. The National Institute of Statistics (INE) published on Friday the advance of the consumer price index, which already shows the first…
The underlying inflation resists and stands at 2,7 %, the same figure as in February
Coverage Details
Bias Distribution
- 46% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
