Spain’s annual inflation rose to 3.3 percent in March, up from 2.3 percent the previous month, driven by higher fuel costs amid the Middle East war, preliminary data showed Friday.
The rise in consumer prices was mainly “due to higher prices of fuels and lubricants for personal vehicles,” statistics office INE said in a statement.
It also pointed to increases in heating oil and a smaller decline in electricity prices compared with the same period last year.
Global energy markets have been jolted by the closure of the Strait of Hormuz, a key shipping route for oil and gas exports from the resource-rich Gulf region, following US and Israeli attacks on Iran.
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The Spanish government, which has approved a €5-billion ($5.78 billion) package to cushion the economic impact of the war, sought to reassure the public, saying the country was not in the same situation as in 2022, when inflation exceeded 10 percent.
The European Union’s fourth-largest economy has in recent years registered growth rates far higher than its peers, notably thanks to domestic consumption, tourism and exports.
But officials fear that the conflict could dampen growth.
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