Spain CPI

Data Prices

Source: Instituto Nacional de Estadistica
Source Link: https://ine.es/
Frequency: Monthly
Next Release(s): December 12th, 2025 3:00 AM

Latest Updates

Spain’s CPI rose +0.2% MoM and +3.0% YoY in November 2025 (vs +3.1% YoY in October), reflecting a slight deceleration driven largely by lower electricity prices compared with last year.
- Underlying inflation (excluding unprocessed food and energy) increased to +2.6% YoY (Oct: +2.5%), indicating a small pickup in core price pressures.
- The Harmonised CPI (HICP) eased to +3.1% YoY (down -0.1 ppt), while underlying HICP inflation stood at +2.7% YoY.
- On a monthly basis, HICP was flat at 0.0% MoM, contrasting with the national CPI’s +0.2% MoM gain.
- Electricity prices fell compared with November 2024, contributing to the annual slowdown in headline inflation.
- Leisure and culture prices declined YoY but by less than a year earlier, and food and non-alcoholic beverage prices rose after a decline in the same month last year, both adding upward pressure to the index.
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Spain’s CPI rose +0.7% MoM and +3.1% YoY (vs 2.9% YoY expected) in October 2025 (vs +3.0% YoY in September), marking a slight acceleration driven by higher electricity and transport prices.
- Headline CPI increased +0.1 ppt YoY to +3.1%, mainly reflecting faster rises in electricity, air, and rail transport costs, partly offset by lower petrol prices.
- Core inflation (excluding unprocessed food and energy) edged up +0.1 ppt to +2.5% YoY, indicating a small pickup in underlying price pressures.
- The Harmonised CPI (HICP) rose +0.5% MoM and +3.2% YoY, up +0.2 ppts from September, showing a similar upward trend in EU-comparable terms.
- Underlying HICP inflation was estimated at +2.6% YoY, broadly consistent with the national core measure.
- On a monthly basis, consumer prices increased +0.7% from September, the strongest gain since early 2025, reflecting seasonal and energy-related effects.
- Higher electricity and transport costs outweighed the decline in fuel prices, leading to a slight uptick in overall inflation.
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Spain’s CPI fell -0.3% MoM in September 2025, while the YoY rate rose to +3.0% (up from +2.7% in August). These were both slight upward revisions of the flash estimates of -0.4% MoM and +2.9% YoY.
- The HICP rose +0.2% MoM and +3.0% YoY, also revised up from the flash estimates of 0.1% MoM.
- Core inflation (excluding unprocessed food and energy) remained at +2.4% YoY in September, revised up from the flash estimate of 2.3% YoY.
- Transport inflation increased to +2.2% YoY (+1.0 ppt), as fuel prices declined less sharply than a year earlier, partly offset by a steeper drop in passenger air transport costs.
- Housing inflation accelerated to +7.1% YoY (+1.1 ppt), mainly because electricity prices fell less than in September 2024.
- On a monthly basis, prices were weighed down by leisure and culture (-4.2% MoM), driven by cheaper tourist packages, subtracting -0.368 pts from the overall index.
- Transport prices also fell -0.7% MoM, led by lower passenger air transport, contributing -0.105 pts.
- Clothing and footwear rose +2.5% MoM, adding +0.084 pts, reflecting seasonal price increases at the start of the autumn-winter period.
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Spain’s flash CPI declined -0.4% MoM (vs -0.2% MoM expected) and was up +2.9% YoY in September 2025 (from +2.7% in August), reflecting smaller declines in fuel and electricity prices compared with last year.
- Headline CPI accelerated +0.2 ppts YoY to +2.9%, driven mainly by energy prices falling less than in September 2024.
- Core CPI (ex-food and energy) slowed -0.1 ppt YoY to +2.3%, suggesting softer underlying inflation pressures.
- The HICP inflation edged up 0.1% MoM (vs +0.3% MoM expected), and the annual rate was+3.0% YoY (vs +2.7% in August), with core HICP estimated at +2.4% YoY.
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Spain’s CPI was unchanged MoM in August 2025, while the YoY rate held steady at 2.7%; core inflation edged up to 2.4% YoY and HICP inflation was also confirmed at 2.7% YoY. Both were unchanged from preliminary estimates.
- Transport inflation rose to 1.2% YoY (vs 0.2% prior), as fuel prices fell less sharply than in August 2024 and air passenger transport costs increased.
- Housing inflation slowed to 6.0% YoY (vs 6.7% prior), reflecting stable electricity prices compared with last year’s rise.
- Food and non-alcoholic beverages inflation eased to 2.3% YoY (vs 2.7%), driven by a larger drop in fruit prices relative to August 2024.
- On a monthly basis, leisure & culture prices rose +1.5% MoM, led by tourist packages, adding +0.128 pts to the index.
- Food and non-alcoholic beverages fell -0.8% MoM, subtracting -0.142 pts, with fruit prices the main drag.
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Spain’s CPI was unchanged at 0.0% MoM (vs 0.1% MoM expected) in August 2025, while annual inflation held steady at 2.7% YoY (vs 2.8% YoY expected), supported by fuel prices but tempered by softer food and electricity.
- Core inflation edged up to 2.4% YoY (+0.1 ppt from July), showing mild underlying price pressures.
- Harmonized CPI (HICP) matched the national rate at +2.7% YoY and 0.0% MoM, with core HICP also at 2.4% YoY.
- Fuel prices contributed upward pressure, falling less sharply than a year earlier.
- Food and non-alcoholic beverages exerted a downward effect, as prices declined more than last year.
- Electricity prices also eased, rising less strongly than in August 2024.
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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’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’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’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’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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