FRANKFURT — Spanish consumer prices rose 9.8 percent year-on-year in March, the country’s statistics office said today.
That marks a significant acceleration from the 7.6 percent recorded in February and the highest level since 1985, well before the introduction of the common currency.
“This development is due to generalized increases in most of its components,” the release said. “These included increases in electricity prices, in fuels and oil prices, and in food and non-alcoholic beverages prices, [which are] higher this month than in March 2021.”
Harmonized for European standards, inflation was also up by 9.8 percent.
Eurozone inflation data for March is scheduled to be released this Friday and is widely expected to come in above 6 percent as Russia’s war on Ukraine continues to push up energy and food prices.