Spain’s CPI was unchanged at 0.0% MoM (vs 0.1% MoM expected) in August 2025, while annual inflation held steady at 2.7% YoY (vs 2.8% YoY expected), supported by fuel prices but tempered by softer food and electricity.

• Core inflation edged up to 2.4% YoY (+0.1 ppt from July), showing mild underlying price pressures.

• Harmonized CPI (HICP) matched the national rate at +2.7% YoY and 0.0% MoM, with core HICP also at 2.4% YoY.

• Fuel prices contributed upward pressure, falling less sharply than a year earlier.

• Food and non-alcoholic beverages exerted a downward effect, as prices declined more than last year.

• Electricity prices also eased, rising less strongly than in August 2024.