Spain’s CPI rose +0.4% MoM and held at +2.3% YoY in February 2026, unchanged from the January 2026 YoY rate, indicating stable inflationary pressures.

• Core inflation increased to +2.7% YoY (+0.1 pp), indicating a slight firming in underlying prices excluding unprocessed food and energy.

• Electricity prices exerted downward pressure on the annual rate, as they fell compared with increases in February 2025.

• Upward influences came from fuels and lubricants, restaurants and accommodation services, and food and non alcoholic beverages, which rose more than a year earlier.

• The monthly CPI rose +0.4% MoM, pointing to a moderate short term increase in consumer prices.

• Harmonised CPI (HICP) increased to +2.5% YoY (+0.1 pp), aligning with a small acceleration on the harmonised measure.

• Harmonised core inflation stood at +2.8% YoY and monthly HICP was +0.4% MoM, indicating similar short term dynamics to the national index.