Annual inflation in Spain hits the highest level since 1985 in March

Data from the National Institute of Statistics showed that consumer prices in Spain rose on an annual basis by 9.8% in March, the highest level since May 1985, after rising by 7.6% in February. Prime Minister Pedro Sanchez said prices for electricity, more expensive fuels and unprocessed foodstuffs accounted for nearly three-quarters of the overall increase in CPI, as the Russian invasion of Ukraine and its ensuing economic fallout drove up inflation worldwide.

The data showed that Spain's European Union-harmonized CPI rose 9.8% on an annual basis in the twelve months to March, after rising 7.6% in February.