Inflation slows on back of lower fuel costs

Spanish inflation eased in March owing mostly to lower fuel costs, official figures showed on Wednesday.

Consumer prices climbed by 2.6 percent over the year to March, against an annualized rise of 2.8 percent in February, said a provisional report by the National Statistics Institute.

"This result is mainly a consequence of the decrease in the prices of fuels and lubricants," it said in a statement.

Consumer prices rose by 0.4 percent in March from the previous month.

Spanish inflation shot higher after the government raised the top rate of sales tax to 21 percent from 18 percent in September to boost state revenues and help curb the swollen public deficit.

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