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).