Spain’s CPI inflation rates in March were confirmed at 0.1% MoM and 2.3% YoY, down from 3.0% YoY in February.

• Core CPI inflation was also confirmed at 2.0% YoY, down from 2.2% YoY in February and the lowest since November 2021.

• HICP inflation was confirmed at 0.7% MoM and 2.2% YoY, down 0.7 ppts from February’s 2.9% YoY rate.
• Housing inflation cooled -0.4 ppts to 5.7% YoY as electricity prices fell.
• The transport component was down -0.9% YoY which is a flip from the 0.3% YoY increase in the previous month.
• The leisure and culture component flipped from being up 1.4% YoY to a decline of -0.3% YoY in March. This drop was due to the fact that the price increases of tourist packages were lower than in March 2024.