Spain's CPI inflation held steady at 3.2% YoY in May, while core inflation edged up to 2.9% from 2.8%, suggesting underlying price pressures remained firm despite stable headline inflation.

• The flash estimate showed consumer prices rising 0.1% MoM in May after stronger gains earlier in the spring.
• The stability in headline inflation reflected offsetting forces, with transport and recreation prices providing upward pressure as they fell less than a year ago.
• Clothing and footwear acted as a drag on inflation, while food and non-alcoholic beverage prices helped moderate price growth by remaining stable compared with increases seen in May 2025.
• Spain's harmonized CPI (HICP) accelerated to 3.6% YoY from 3.5%, while core HICP inflation stood at 3.3%.
• The data suggest headline inflation remains elevated but stable, while the slight uptick in core measures points to persistent underlying price pressures.

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.

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.

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.

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.

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.