Inflation in Spain reaches record figure in March

According to the advance report of the National Institute of Statistics, inflation in Spain increased 9.8% in March, compared to the same month in 2021. In this way, it reaches record figures in 37 years.

One of the main reasons is the increase in the prices of electricity and fuel, caused by the war in Ukraine and the sanctions that Europe has imposed on Russia.

If inflation is compared in February of this year with March, the increase is 2.2 points, the highest reached in a month since August 1977, that is, 44 years.

While core inflation rose 3.4%, a high and alarming figure, taking into account that it does not include the price of energy products or fresh food.

Since 2008 such a considerable rise has not been recorded.

The National Institute of Statistics also adds non-alcoholic beverages, food in general and fuel to the list of items that had an increase in their prices, the latter have hit the pockets of companies and citizens considerably.

In just three months of 2022, the CPI stands at 7.8, which has set off the alarms of the Spanish government, which has designed measures to ensure that inflation begins to fall as of April.

Within the aid is the delivery of 600 billion euros to companies and individuals in order to minimize the effect of the price increase, however, the Ministry of Economic Affairs understands that this measure, far from lowering inflation, will increase it.

It is expected that, from April 1, a kind of bonus of 20 cents per liter of fuel will begin, which seeks to reduce the CPI and alleviate the expenses of the Spanish.

Although it is a preliminary report, the inflation curve in Spain has been rising since the start of the pandemic in 2019, although the Central Bank projected a reduction this year, the war in Ukraine has had a considerable impact in just one month since it began the invasion.