Spain’s EU-harmonized inflation rate jumped to 4.5% year on year in August 2026, up from 3.9% in July and slightly below market expectations of 4.6%, according to a preliminary estimate. It was the highest since February 2023 and more than double the ECB’s 2% target, driven by a surge in energy prices amid continued fighting in the Middle East. The data strengthened expectations for an ECB rate hike in September, with markets fully pricing a 25-basis-point increase that would lift the deposit rate to 2.5%. Investors also see another hike by spring 2027. source: National Statistics Institute (INE)
Harmonised Inflation Rate YoY in Spain increased to 4.50 percent in August from 3.90 percent in July of 2026. Harmonised Inflation Rate YoY in Spain averaged 2.61 percent from 1993 until 2026, reaching an all time high of 10.70 percent in July of 2022 and a record low of -1.50 percent in January of 2015. This page includes a chart with historical data for Spain Harmonised Inflation Rate YoY. Spain Harmonised Inflation Rate YoY - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.
Harmonised Inflation Rate YoY in Spain increased to 4.50 percent in August from 3.90 percent in July of 2026. Harmonised Inflation Rate YoY in Spain is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Harmonised Inflation Rate YoY is projected to trend around 2.50 percent in 2027 and 2.20 percent in 2028, according to our econometric models.