Statistics office revises March consumer price index drop
Prices declined 0.1% year-on-year, not 0.2% as previously said Figure confirms a return to negative territory for second month for first time since 2010
Spain's National Statistics Institute (INE) has revised its initial consumer price index (CPI) figure for March, which talked about a 0.2% drop year-on-year. Instead, the definitive decline is 0.1% compared with the same month last year.
Although the price reduction is smaller than initially announced, it confirms a return to negative territory for the second month for the first time since 2010. National consumer prices in February remained unchanged at 0%.
On Wednesday, the International Monetary Fund warned that Spain was the euro-zone country most at risk of entering a spiral of deflation, and asked the European Central Bank to take immediate measures.
The INE said the products that influenced the price drop the most were non-alcoholic drinks and food, particularly fresh fish, pulses, fresh vegetables, fresh fruit and oils.
The entertainment and culture sectors also contributed to the drop, especially organized travel, the prices of which rose less steeply than last year.
The INE noted that transportation prices are experiencing a relative recovery, and that automobile prices went up.
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