Inflation rises in March from February

Latest reading: Inflation shot up to 4.7% in March, following 3.4% in the previous month. March's reading was the strongest since January 2023 and surpassed both market expectations and the Central Bank’s 4.5% target. The spike was partly driven by higher global energy prices due to the Iran war. Relative to the prior month's figures, there were higher price pressures for transportation (+8.9% in annual terms vs -4.9% in February), education (+10.0% vs +9.9% in February) and housing and construction materials (+4.6% vs +4.3% in February). In contrast, price pressures reduced for food in March (+4.3% vs +5.9% in February). Finally, consumer prices were up 1.23% in March in month-on-month terms, following a 1.14% increase in the previous month.

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