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).