(News Bulletin 247) – Inflation in Spain slowed much more sharply than expected in March, due to a base effect linked to energy prices, shows the first estimate published Thursday by the national institute statistics (Ine).

Calculated according to European harmonized standards, the consumer price index (IPCA) fell to +3.1% on an annual basis, against +6% in February, while the consensus of economists forecast a rise of 4%.

By national standards, the rise in consumer prices (CPI) stands at +3.3% over one year against +6% in February.

While the cost of fuel and electricity prices had jumped in March 2022, they fell back this month, explains Ine in an information note.

Spanish inflation figures, which are taking some pressure off the shoulders of the ECB, contributed to the decline in eurozone sovereign bond yields in early trading.

The 10-year Bono rate thus lost eight basis points to 3.25%.

The first estimate of German inflation in March, also highly anticipated, will fall at 2:00 p.m.

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