Spain's annual inflation landed at 2.3% in March, the country's National Statistics Office (INE) said in its final report on Friday. The figure was confirmed from the preliminary reading and down from February's figure of 3%.

The deceleration in inflation was mainly driven by transportation prices, which rose by 0.9% year-over-year, housing prices, which reached an annual inflation rate of 5.7% in the reported month and leisure and culture, decreasing to negative 0.3%.

On a monthly basis, consumer prices increased by 0.1%. The Harmonized Index of Consumer Prices climbed by 2.2% year-on-year and advanced by 0.7% from December. Meanwhile, the annual core inflation rate, which excludes unprocessed food and energy products, stood at 2.0%.