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UPDATE 1-Spain 12-month inflation in March down to 3.3%

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail, background) April 14 - Spanish consumer prices rose 3.3% in the 12 months through March, down from 6.0% in the year through February, final data from the National Statistics Institute showed on Friday. The final reading was in line with the 3.3% flash estimate released by INE two weeks ago.


Analysts polled by Reuters had also seen the 12-month inflation rate through March at 3.3%. Core inflation, which strips out volatile food and energy
prices, was 7.5% year on year, also in line with the flash estimate, INE said. The government approved a cut in value-added tax on some basic food products at the beginning of the year, but overall food prices have continued to rise. Fresh food prices jumped 16.5% year-on-year in March, driven by prices of vegetables and legumes, pushing core inflation up. Underlying inflation in the euro zone is not coming down quickly, hitting families with fewer resources.


The European Central Bank (ECB) is less optimistic about its trajectory than about overall price pressures, ECB Vice President Luis de Guindos said this week.


The 12-month European Union-harmonised inflation rate was also the same as the flash estimate at 3.1%, INE said. (Reporting by Matteo Allievi Editing by Inti Landauro and Mark Potter)

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