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Inflation in Spain sees slight fall

Source: AFP - Wed 30th Mar 2011

The annual level of inflation in Spain decreased to 3.3% in March following a two-year high of 3.4% in February, the National Statistics Institute (INE) revealed in data released this morning.

The preliminary report only gave provisional details, as the final figures for March will be officially released on April 12th.

The increasing cost of fuel caused Spain's annual inflation rate to rise to 3.4% in February, the highest since October 2008, rising from 3.0% in January.

The Prime Minister acknowledged recently that the rising inflation rate was "worrying" but there was a "reasonable expectation" of a decline in the coming months.

Meanwhile, oil prices have escalated over recent weeks due to the unrest in many oil-producing countries in North Africa.

The Bank of Spain estimates inflation will fall considerablly before stabilizing at around 1.7% by the end of the year.

The economy of Spain contracted by 0.1% last year, and the unemployment rate at the end of year stood at 20.33%, the highest level in the Organisation for Economic Cooperation and Development.

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