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Prices in Catalonia accumulate 5 consecutive months of annual negative inflation, but rise by 0.7% in March

In Catalonia, prices rose in March by 0.7% compared to February, due to price increases registered in clothing and fuel, according to the Spanish Institute of Statistics (INE). However, the annual inflation rate remained negative for the 5th consecutive month, standing at -0.3%. Despite this bad news, March's annual inflation rate was higher than February's -0.8%. The Catalan trend reflects partly that registered in Spain as a whole, where prices rose in March by 0.6%. However, the annual inflation rate remained negative, standing at -0.7%. For Madrid, it represents the 9th consecutive month of negative inflation, although the situation in March is better than February's -1.1% annual rate.  

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14 April 2015 09:18 PM

by

ACN

Barcelona (ACN).- In Catalonia, prices rose in March by 0.7% compared to February, due to price increases registered in clothing and fuel, according to the Spanish Institute of Statistics (INE). However, the annual inflation rate remained negative for the 5th consecutive month, standing at -0.3 %. Despite this bad news, March's annual inflation rate was higher than February's -0.8%. The Catalan trend reflects partly that registered in Spain as a whole, where prices rose in March by 0.6% in monthly terms. However, the annual inflation rate remained negative, standing at -0.7%. For Spain overall, it represents the 9th consecutive month of negative rates, although the situation for March was better than February's -1.1% annual rate.


In Catalonia, the negative annual inflation rate registered in March (-0.3%) was higher than that recorded in February (-0.8%). This increase was mainly due to variations recorded in the oil, leisure and culture and fresh food sectors. In particular, the price of petrol in March fell at an annual rate of -3.5%, while in February it fell by -5.9%. The leisure and culture sector - especially because of Easter week trips - has recorded a 0.1% annual inflation rate, in comparison to the -0.8% registered in February.

Finally, the basket of fresh food played a role as well, especially with regard to fresh fruit and edible oils. Indeed, while fresh fruit registered a smaller price decrease than last year (such as petrol), the edible oils' price rose, as opposed to what happened 12 months ago.

The monthly 0.7% increase in prices registered in Catalonia was partly due to a 3.7% price rise in the clothing and footwear sector. Also the transport sector (which includes petrol) played a role, with a 2.4% price increase over February's figures. Finally, in the leisure and culture industry, prices increased by 0.9%.

Core inflation, which does not take into account the behaviour of the prices of oil or fresh unprocessed foods, remained at 0.2% in Spain for the third consecutive month. The price of petrol, despite the small rise registered in March compared to February, continues to press down inflation, as it remains lower than a year ago.

Girona and Tarragona's annual inflation rate stood at -0.9%; worst in Catalonia

In Barcelona Province, prices rose by 0.6% in March but the annual inflation rate remained negative, standing at -0.1%, which is higher than in February (-0.5%) and above the Catalan average (-0.3%). Barcelona has now accumulated 4 consecutive months of negative inflation.

In Girona Province, where the Costa Brava is located, prices rose by 0.7% in March and annual inflation rate stood at -0.9%, the highest negative rate recorded in Catalonia together with Tarragona. Girona has now accumulated 5 consecutive months of negative inflation.

In the Province of Lleida, in western Catalonia, prices increased by 0.9% but the annual inflation rate was negative, standing at -0.8%, above February's figures (-1.4%). For this Catalan Province, March is the 10th consecutive month of negative inflation, as opposed to the 8 months registered during the peak of the 2009 economic crisis.

Finally, the statistics for March show that prices in the Tarragona Province, in southern Catalonia, increased by 0.7% and that the annual inflation rate remained negative at -0.9%. Tarragona has now accumulated 10 consecutive months of negative inflation, more than the 8 consecutive months recorded during the 2009 full recession period.

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  • Oil prices are one of the main reasons behind the negative inflation rate in annual terms (by ACN)

  • Oil prices are one of the main reasons behind the negative inflation rate in annual terms (by ACN)