Spain’s annual inflation rate jumped to 3.3% in March 2026, its highest since June 2024, compared to 2.3% in February and expectations of 3.7%, according to preliminary data. The increase was largely driven by higher prices for fuels and lubricants for personal vehicles, reflecting the impact of the war with Iran. Electricity prices also contributed, as their decline was smaller than a year earlier, while heating oil prices rose after falling in March 2025. Core inflation, which excludes food and energy, stood at 2.7%. On a harmonised EU basis, annual inflation rose to 3.3% from 2.5%, below forecasts of 3.9%. On a monthly basis, consumer prices increased 1% after a 0.4% rise in February, missing expectations of a 1.2% gain, while the harmonised index rose 1.5% following a 0.4% increase.