Spain’s CPI was unchanged MoM in August 2025, while the YoY rate held steady at 2.7%; core inflation edged up to 2.4% YoY and HICP inflation was also confirmed at 2.7% YoY. Both were unchanged from preliminary estimates.

• Transport inflation rose to 1.2% YoY (vs 0.2% prior), as fuel prices fell less sharply than in August 2024 and air passenger transport costs increased.

• Housing inflation slowed to 6.0% YoY (vs 6.7% prior), reflecting stable electricity prices compared with last year’s rise.

• Food and non-alcoholic beverages inflation eased to 2.3% YoY (vs 2.7%), driven by a larger drop in fruit prices relative to August 2024.

• On a monthly basis, leisure & culture prices rose +1.5% MoM, led by tourist packages, adding +0.128 pts to the index.

• Food and non-alcoholic beverages fell -0.8% MoM, subtracting -0.142 pts, with fruit prices the main drag.