The war in Iran has already left one of its first impacts on the Spanish macroeconomy, with inflation rebounding to 3.1% of PIS. These are the data that the INE advances this Friday, already pointing out that year-on-year inflation in March 2026 has stood at 3.3%.
This data -explain sources from the Ministry of Economy-, is primarily based on the rising cost of fuels, a direct effect of the conflict in the Middle East.
Core inflation —which excludes energy and unprocessed foods from its calculation— remains stable at 2.7%, the same as in February.
The behavior of electricity has contributed to cushion inflation in March. Spain's commitment to renewables —which today set the price of electricity in 84% of the hours, compared to 25% in 2019— is acting as a shield against the energy shock due to the war in Iran.
Anti-crisis measures
The response plan of the Government, approved this Thursday in Congress, points out the Ministry of Economy, is designed so that this external shock is not permanently transferred neither to inflation, nor to the purchasing power of households.
In fact, this last week, fuels have already dropped due to the application of fiscal measures, although they continue to experience pressures from international prices, especially in the case of diesel, due to higher oil prices (it remains close to 100 dollars), freight costs and refining margins.
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