Latest Updates

• Spain CPI: July 2025 (Final) 2025-08-13 03:00
  

  Spain’s CPI fell -0.1% MoM and was up 2.7% YoY in July 2025, up from 2.3% YoY in June and unrevised from the initial estimate, with higher electricity and fuel prices driving the annual increase.

  • Core inflation edged up to 2.3% YoY (from 2.2% in June).
  • HICP inflation was -0.3% MoM and 2.7% YoY in July, a slight upward revision from -0.4% MoM in the first estimate.
  • Housing inflation accelerated to 6.7% YoY (from 4.2%) on higher electricity prices.
  • Transport inflation rose to 0.2% YoY (from -0.8%) due to increased fuel costs and passenger transport prices.
  • Clothing and footwear prices fell -9.2% MoM, subtracting -0.351 pts from the CPI, while tourist packages drove a 1.7% MoM rise in leisure and culture (+0.142 pts).

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• Spain CPI: July 2025 (Preliminary) 2025-07-30 03:00
  

  Spain’s CPI rose 2.7% YoY and fell -0.1% MoM in July 2025, with the annual rate accelerating from 2.3% YoY in June due to higher electricity and fuel prices.

  • Core inflation rose slightly to 2.3% YoY (from 2.2%).
  • Harmonized CPI (HICP) also rose 2.7% YoY, up from 2.3% in June.
  • HICP fell -0.4% MoM, a sharper monthly decline than the national CPI.
  • The rebound in annual inflation was mainly driven by base effects from lower electricity prices a year earlier.

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• Spain CPI: June 2025 (Final) 2025-07-15 03:00
  

  Spain’s CPI rose 0.7% MoM and 2.3% YoY in June 2025, revised up from the initial estimate of 0.6% MoM and 2.2% YoY.

  • HICP inflation was 0.7% MoM and 2.3% YoY, also revised up from 0.6% MoM and 2.2% YoY.
  • Core inflation held steady at 2.2% YoY.
  • Transport inflation rose to -0.8% YoY (from -2.0%), driven by higher fuel prices.
  • Housing inflation rose to 4.2% YoY on gains in gas and liquid fuel prices.
  • Food and non-alcoholic beverages inflation accelerated to 2.8% YoY, due to rising meat and seafood prices.
  • MoM, tourist package prices pushed leisure and culture up 2.2%, contributing 0.186 pts to the CPI.

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• Spain CPI: June 2025 (Preliminary) 2025-06-27 03:00
  

  Spain’s CPI rose 0.6% MoM and 2.2% YoY in June, up from 2.0% YoY in May, driven primarily by fuel and food prices.

  • Core inflation held steady at 2.2% YoY, matching the headline rate.
  • HICP inflation was 0.6% MoM and 2.2% YoY, up from 2.0% YoY.
  • The pickup in annual inflation reflects a rebound in fuel prices versus a decline in June 2024, and stronger food and beverage inflation.
  • If confirmed, this would mark the first reacceleration in headline CPI since February.

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• Spain CPI: May 2025 (Final) 2025-06-13 03:00
  

  Spain’s CPI rose 0.1% MoM in May, while the annual rate slowed to 2.0% YoY from 2.2% YoY in April, this is a slight upward revision from 0.0% MoM and 1.9% YoY in the first estimate.

  • Core inflation eased to 2.2% YoY (vs 2.1% YoY in the 1st estimate) from 2.4% YoY in April.
  • HICP inflation also slowed to 2.0% YoY (vs 1.9% YoY in the 1st estimate) from 2.2% YoY, with a flat 0.0% MoM reading.
  • Leisure and culture prices fell -1.9% MoM, subtracting -0.156 pts from the CPI due to cheaper tourist packages.
  • Transport prices declined -1.0% MoM, led by lower fuel and air travel costs.
  • Food and non-alcoholic beverages rose 0.5% MoM and 2.5% YoY, mainly on higher fruit prices.

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• Spain CPI: May 2025 (Preliminary) 2025-05-30 03:00
  

  Spain’s CPI was unchanged at 0.0% MoM (vs 0.1% MoM expected) in May, while the annual rate slowed to 1.9% YoY from 2.2% YoY in April, the lowest since October 2024.

  • The decline was mainly due to falling leisure, culture, and transport prices, and a smaller increase in electricity compared to May 2024.
  • Core inflation fell to 2.1% YoY in May, down from 2.4% YoY in April.
  • HICP inflation also eased to 1.9% YoY from 2.2% YoY, also the lowest since October 2024, with a -0.1% MoM (vs 0.0% MoM expected) decline.

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• Spain CPI: April 2025 (Final) 2025-05-14 03:00
  

  Spain’s CPI inflation in April was confirmed at 0.6% MoM and 2.2% YoY, a slight deceleration from 2.0% YoY in March.

  • Core inflation was confirmed at 2.4% YoY, up from 2.0% YoY previously.
  • HICP inflation was also confirmed at 0.6% MoM and 2.2% YoY, unchanged from previously.
  • The largest increases were in clothing (+7.2% MoM), leisure & culture (+2.6% MoM), and hotels & restaurants (+1.2% MoM).

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• Spain CPI: April 2025 (Preliminary) 2025-04-29 03:00
  

  Spain’s CPI increased 0.6% MoM (vs 0.4% expected) and 2.2% YoY (vs 2.0% expected) in April, the largest monthly increase and the lowest annual rate since October 2024.

  • An 0.7% MoM increase in April 2024 helped push the annual rate lower due to base effects.
  • Core inflation was 2.4% YoY in April, up from 2.0% YoY in March.
  • HICP inflation was estimated at 0.6% MoM and 2.2% YoY, above expectations of a 2.0% YoY annual rate.

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• Spain CPI: March 2025 (Final) 2025-04-11 03:00
  

  Spain’s CPI inflation rates in March were confirmed at 0.1% MoM and 2.3% YoY, down from 3.0% YoY in February.

  • Core CPI inflation was also confirmed at 2.0% YoY, down from 2.2% YoY in February and the lowest since November 2021.

  

  • HICP inflation was confirmed at 0.7% MoM and 2.2% YoY, down 0.7 ppts from February’s 2.9% YoY rate.
  • Housing inflation cooled -0.4 ppts to 5.7% YoY as electricity prices fell.
  • The transport component was down -0.9% YoY which is a flip from the 0.3% YoY increase in the previous month.
  • The leisure and culture component flipped from being up 1.4% YoY to a decline of -0.3% YoY in March. This drop was due to the fact that the price increases of tourist packages were lower than in March 2024.

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• Spain CPI: March 2025 (Preliminary) 2025-03-28 03:00
  

  Spain’s CPI inflation in March was 0.1% MoM and 2.3% YoY, down from 3.0% YoY in February and below expectations of 2.7% YoY, driven by lower electricity prices.

  • Core inflation (excluding non-processed food and energy) was 2.0% YoY, down from 2.2% in February.
  • Declines in fuel, lubricant, and leisure prices contributed to the YoY moderation.
  • HICP inflation is projected at 0.7% MoM and 2.2% YoY, down 0.7 ppts from February’s 2.9% YoY rate.

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• Spain CPI: February 2025 (Final) 2025-03-14 03:00
  

  Spain’s CPI inflation rates in February were confirmed at 0.4% MoM and 3.0% YoY, the highest annual rate since June 2024.

  • Core inflation was 2.2% YoY, down from 2.4% YoY in January but slightly above expectations of 2.1% YoY.
  • Hotels & restaurants (+0.7% MoM) and transport (+0.6% MoM) were the segments that made the biggest positive impact.
  • Clothing & footwear, down -1.5% MoM, was the segment with the largest negative impact.
  • The HICP inflation rates were confirmed at 0.4% MoM and 2.4% YoY.

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• Spain CPI: February 2025 (Preliminary) 2025-02-27 03:00
  

  Spain’s CPI increased 0.4% MoM (vs 0.3% MoM expected) and was up 3.0% YoY (vs 3.0% YoY expected) in February, up from 2.9% YoY in December.

  • Core inflation, however, eased -0.3 ppts to 2.1% YoY, the lowest since December 2021.
  • The increase in the headline annual rate was mainly due to an increase in electricity prices in February 2025 compared to a decline in February 2024.
  • HICP inflation was 0.4% MoM (vs 0.4% MoM expected) and unchanged at 2.9% YoY (vs 2.8% YoY expected).

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