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Spanish inflation in March decreased to 2.3 percent annually, the lowest since October, due to increased hydro power production and lower electricity prices caused by heavy rainfall. This drop, attributed to falling electricity and fuel prices, marks the end of five consecutive monthly increases and was praised by Prime Minister Pedro Sánchez as a success of his government’s economic policies. The European Central Bank, aiming for a 2.0 percent inflation target, cut interest rates in January following a general slowdown in inflation, while the recent heavy rains in Spain are expected to alleviate the severe drought the country has been experiencing for over three years.
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