(Reuters) – The Spanish Industrial Production Prices rose at an annual record rate in March. This was due to rising energy prices, according to data released Monday by the National Statistics Institute (INE).

Prices rose by 46.6% in the most rapid pace since data began in January 1976. The reason for this was a 134.6% rise in energy prices compared to last year.

Russia’s invading of Ukraine has put additional pressure on Europe’s power prices as countries search for alternatives to Russian gas.

According to INE, March saw a rise in prices for refined products and electricity as well as transport costs. This was because energy prices rose at their highest level since the start of the series.

Inflation is a phenomenon where companies tend to transfer industrial price increases to their customers. This has led to inflation in Spain running at the fastest rate in over 37 years.

The central bank of Spain raised its inflation expectations for this year earlier in the month to 7.5%, from 3.7% previously. This was due to Russia’s incursion into Ukraine which will have further implications on energy prices.

INE increased the February year-on-year increase by 41.2%, compared to 40.7% in previous years.