The inflation rate fell to 10.3% after successive increases since October 2021, according to data published by the National Statistics Institute (INS) on Wednesday.
This slight decline, despite the monthly increase of the consumer price index by 0.7%, is due to the slowdown in the rate of price increases between March and February of this year compared to last year.
Indeed, a slowdown was observed in the rate of increase of clothing prices (8.9% compared to 9.4% in February), transport services prices (11.4% compared to 12.1% in February) and alcoholic beverages and tobacco prices (4.1% compared to 5.6% in February).
Food prices rose by 15.7% in March 2002 compared with March 2001. This increase was mainly due to price rises for sheep meat (34.2%), eggs (31.3%), poultry meat (23.8%), edible oils (23.7%) and beef (21.8%).
Over one year, the price of industrial goods rose by 9.8%, driven by increases by 8.2% for building materials, 8.9% for clothing and 10.1% for household cleaning products.
For services, prices went up 7.3 % over one year, mainly due to a 9.7 % increase for restaurants, cafés and hotels and a 16.1 % rise for public and private transport.
Core inflation (excluding food and energy) fell to 7.8% from 7.9% in the previous month. Prices of uncontrolled products rose by 11.2% over a year. Prices of controlled products rose by 7.4%. Free food rose by 18.5%, compared to 0.6% for food with regulated prices.
Consumer price index rose by 0.7% in one month
The consumer price index increased by 0.7% in March 2023, after a rise of 0.5% in the previous month. This increase was mainly due to price rises for food, textiles and products in the group ‘Furniture, household equipment and routine maintenance’. Over one month, the price of food rose by 1.2%, driven by the price of lamb meat, which increased by 4.3%, fresh vegetables, which grew 3.2%, fresh fish, which went up by 2.3% and beef, which increased by 1.5%.
In March, the price of garments increased by 1%, compared to a decrease of 4.6% in the previous month. In particular, garments rose by 1% and footwear by 0.9%. In November, prices of products in the group “Furniture, household equipment and routine maintenance” rose by 0.8%, mainly due to a 1% increase in the price of routine maintenance goods and services and a 0.9% increase in the price of furniture.
