Oil and petrol rises push inflation up to 3.4pc

13th April 2005, Comments 0 comments

13 April 2005, MADRID - Crude oil and petrol price rises helped pushed inflation up to 3.4 percent in March compared with last year.

13 April 2005

MADRID - Crude oil and petrol price rises helped pushed inflation up to 3.4 percent in March compared with last year.

The Spanish National Statistics Institute (INE) said the Index of Consumer Prices (IPC) showed a rise of 0.8 during March compared with February.

The biggest rises were in the transport sector, where prices went up three percentage points in the past year, from 5.9 percent in February to 6.2 percent by the end of March.

This was directly linked to the rise in global petrol and crude oil prices.

Year-on-year, oil and petrol prices went up by six points to 11.5 percent.

House prices showed the second highest rise, with a year-on-year increase of 4.4 percent, three points more than in the same period in 2004.

This was also linked to the rise of petrol and transport costs.

However, there was no change in the cost of alcoholic drinks, tobacco products, or in the communication sector.

Analysts said a range of deals offered on mobile telephones meant these stayed at 0.8 percent and in the medical sector costs remained at 0.7 percent.

Fresh food rose in March by 0.3 percent and by 2.9 percent year-on-year.

Aside from oil and petrol rises, increases in the price of clothing by 3.3 percent last year also made a big difference to the general rise in inflation.

Analysts stressed that higher prices in bars, restaurants and cafés of up to 0.7 percent, package holidays (5.9 percent), fresh vegetables (3.9 percent), shoes (2.6 percent) and olive oil (5.3 percent) all contributed to pushing up inflation.

But falls in the price of fish, medication, veal and mobile phones helped to stop prices from rising still further.

Around Spain, the highest price rises were in Andalusia, Aragon, Castilla y Leon, Navarre and the Basque Country, where inflation went up on average by 0.9 percent last month.

In Catalonia, Castilla la Mancha, Valencia, Galicia and Murcia inflation went up 0.8 percent.

However, in Asturias, Extremadura and Madrid prices rose by 0.7 percent, followed by the Balearic Islands and La Rioja by 0.6 percent and in the Canary Islands by 0.5 percent.

The 12-month figure in February was 3.3 percent.

[Copyright EFE with Expatica]

Subject: Spanish news

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