Inflation in Spain Reaches Highest Level in 37 Years

Spain’s annualized inflation rate surged to 9.8% in March, the highest since 1985

Spain's inflation statistics

The National Institute of Statistics of Spain announced in a press release that the Consumer Price Index for March as rising to 9.8 percent due to increases in the cost of electricity, gasoline and food.

The figure 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.