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.