Spain CPI

Data Prices

Source: Instituto Nacional de Estadistica
Source Link: https://ine.es/
Frequency: Monthly
Next Release(s): March 27th, 2026 3:00 AM

Latest Updates

Spain CPI: February 2026 (Final) 2026-03-13 03:00
Spain’s CPI rose +0.4% MoM and held at +2.3% YoY in February 2026, unchanged from the January 2026 YoY rate, indicating stable inflationary pressures.
- Core inflation increased to +2.7% YoY (+0.1 pp), indicating a slight firming in underlying prices excluding unprocessed food and energy.
- Electricity prices exerted downward pressure on the annual rate, as they fell compared with increases in February 2025.
- Upward influences came from fuels and lubricants, restaurants and accommodation services, and food and non alcoholic beverages, which rose more than a year earlier.
- The monthly CPI rose +0.4% MoM, pointing to a moderate short term increase in consumer prices.
- Harmonised CPI (HICP) increased to +2.5% YoY (+0.1 pp), aligning with a small acceleration on the harmonised measure.
- Harmonised core inflation stood at +2.8% YoY and monthly HICP was +0.4% MoM, indicating similar short term dynamics to the national index.
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The annual rate of change of the CPI for the month of January stood at 2.3%, six tenths below that recorded in December.
- The annual rate of core inflation remained at 2.6%.
- The monthly variation of the general index was -0.4%.
- The Harmonised Index of Consumer Prices (HICP) placed its annual rate at 2.4%, six tenths below the previous month.
- The INE publishes today, for the first time, the final CPI and IPCA in the new 2025 base.
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Spain’s CPI fell -0.4% MoM and slowed to +2.4% YoY in January 2026 (down from +2.9% YoY in December 2025), reflecting a sharp monthly drop with easing annual inflation momentum.
- The headline CPI annual rate declined to +2.4% YoY from +2.9% YoY in December, marking a five-tenths deceleration in year-over-year inflation.
- Monthly CPI decreased -0.4% MoM in January, indicating a notable short-term fall in consumer prices compared with December.
- Core inflation held steady at +2.6% YoY, showing unchanged underlying price pressures excluding unprocessed food and energy.
- The Harmonised CPI (HICP) annual rate eased to +2.5% YoY, down five tenths from December, aligning with the broader headline slowdown.
- Monthly HICP fell -0.7% MoM, pointing to a larger decline on the harmonised measure than on the national CPI.
- The annual CPI deceleration was driven mainly by electricity prices rising less than a year earlier and by fuel and lubricant prices falling versus their increases in January 2025.
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The annual rate of change of the CPI for the month of December stood at 2.9%, one tenth below that recorded in November.
- The annual rate of core inflation remained at 2.6%.
- The monthly variation of the general index was 0.3%.
- The Harmonised Index of Consumer Prices (HICP) stood at 3.0%, two tenths below the previous month.
- This is the latest index to be published on a 2021 basis. With the CPI of January 2026, the new 2025 base will be implemented.
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Spain’s CPI rose +0.3% MoM and +2.9% YoY (vs +2.8% YoY expected) in December 2025, reflecting a modest monthly pickup alongside easing annual inflation.
- The flash CPI annual rate slowed to +2.9% YoY from +3.0% in November, marking a one-tenth deceleration in headline inflation.
- Monthly CPI increased +0.3% MoM in December, indicating short-term price gains despite the softer annual rate.
- Underlying inflation excluding non-processed food and energy held at +2.6% YoY, suggesting stable core price pressures.
- The Harmonised CPI (HCPI) eased to +3.0% YoY, down 0.2 ppts from November, while monthly HCPI also rose +0.3% MoM.
- The annual CPI slowdown was driven mainly by fuel and lubricant prices falling relative to December 2024, reversing last year’s increase.
- Leisure and culture prices continued to rise YoY but at a slower pace than a year earlier, contributing modestly to the deceleration.
- Food and non-alcoholic beverage prices exerted upward pressure, with prices increasing more than in December last year.
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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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