Spain's annual inflation rate was revised to 2.3% in January 2026, below the preliminary 2.4% reading and down from 2.9% in December. This was the lowest reading since June 2025, extending the disinflation trend to three straight months, largely due to a slowdown in electricity prices (3.7% vs 12.6% in December) and a decline in fuel costs, such as gasoline (-7.4%) and diesel (-5.9%). Moreover, prices dropped for clothing & footwear (-1.9% vs 0.2%). The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third month, in line with the initial estimate. Considering the EU-harmonised, the CPI rose 2.4% on the year, down from the preliminary reading of 2.5% and below 3% in the prior month. Monthly, the CPI fell by 0.4%, after a 0.3% increase in December, as initially estimated; and the EU harmonized decreased by 0.8%, after a 0.3% rise in the month before, slightly exceeding the preliminary estimate of a 0.7% decline. source: National Statistics Institute (INE)

Inflation Rate in Spain decreased to 2.30 percent in January from 2.90 percent in December of 2025. Inflation Rate in Spain averaged 6.33 percent from 1955 until 2026, reaching an all time high of 28.43 percent in August of 1977 and a record low of -1.40 percent in July of 2009. This page provides the latest reported value for - Spain Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Inflation Rate in Spain decreased to 2.30 percent in January from 2.90 percent in December of 2025. Inflation Rate in Spain is expected to be 2.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Inflation Rate is projected to trend around 2.20 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-30 08:00 AM
Inflation Rate YoY Prel
Jan 2.4% 2.9% 2.3% 2.5%
2026-02-13 08:00 AM
Inflation Rate YoY Final
Jan 2.3% 2.9% 2.4% 2.4%
2026-02-27 08:00 AM
Inflation Rate YoY Prel
Feb 2.3%


Related Last Previous Unit Reference
CPI 100.84 101.29 points Jan 2026
Core Consumer Prices 118.98 118.50 points Dec 2025
Core Inflation Rate YoY 2.60 2.60 percent Jan 2026
CPI Housing Utilities 102.71 101.78 points Jan 2026
CPI Transportation 99.63 100.71 points Jan 2026
Food Inflation 3.00 3.00 percent Jan 2026
Harmonised Consumer Prices 100.59 101.29 points Jan 2026
Inflation Rate YoY 2.30 2.90 percent Jan 2026
Inflation Rate MoM -0.40 0.30 percent Jan 2026
Producer Prices 125.20 124.80 points Dec 2025
PPI YoY -3.00 -2.50 percent Dec 2025


Spain Inflation Rate
In Spain, the most important categories in the Consumer Price Index are: Foods & Non-alcoholic Beverages (23% of the total weight), Housing, Water, Electricity, Gas & Other Fuels (14%), Restaurants & Hotels (13%) and Transport (13%). The index also includes: Recreation & Culture (6%), Miscellaneous Goods & Services (6%), Clothing & Footwear (6%), Furnishings, Household Equipment & Routine Maintenance (6%), Health (4%), Communications (4%), Alcoholic Beverages & Tobacco (3%), and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.90 28.43 -1.40 1955 - 2026 percent Monthly
2025=100

News Stream
Spain Inflation Rate Revised Slightly Down
Spain's annual inflation rate was revised to 2.3% in January 2026, below the preliminary 2.4% reading and down from 2.9% in December. This was the lowest reading since June 2025, extending the disinflation trend to three straight months, largely due to a slowdown in electricity prices (3.7% vs 12.6% in December) and a decline in fuel costs, such as gasoline (-7.4%) and diesel (-5.9%). Moreover, prices dropped for clothing & footwear (-1.9% vs 0.2%). The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third month, in line with the initial estimate. Considering the EU-harmonised, the CPI rose 2.4% on the year, down from the preliminary reading of 2.5% and below 3% in the prior month. Monthly, the CPI fell by 0.4%, after a 0.3% increase in December, as initially estimated; and the EU harmonized decreased by 0.8%, after a 0.3% rise in the month before, slightly exceeding the preliminary estimate of a 0.7% decline.
2026-02-13
Spain Inflation Rate Softens to 7-Month Low of 2.4%
Spain’s annual inflation rate fell to 2.4% in January 2026 from 2.9% in December, slightly exceeding analysts’ estimates of 2.3%, preliminary estimates showed. This marked the third consecutive slowdown in price growth and the lowest inflation reading since June 2025. The moderation in inflation reflects a slower rise in electricity prices compared with January 2025, along with declines in fuel and lubricant costs for personal vehicles, which had increased in the same month a year earlier. The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third straight month. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 3% increase in December, slightly above forecasts of 2.4%. Monthly, the CPI fell 0.4% after a 0.3% increase in December, versus expectations of a 0.3% decline. The EU-harmonised index fell 0.7%, following a 0.3% rise in December and slightly less than the anticipated 0.8% drop.
2026-01-30
Spain Inflation Rate Confirmed at 4-Month Low of 2.9%
Spain’s annual inflation rate was confirmed at a four-month low of 2.9% in December 2025, easing for the second consecutive month from 3.0% in November. The slowdown was mainly driven by softer price growth in transportation (1.8% vs 2.3% in November), on account of fuels, and recreation and culture (0.5% vs 1.2%). Meanwhile, the index for food & non-alcoholic beverages rose 3%, faster than November’s 2.8%, reflecting higher prices for vegetables and oils and fats, which had declined in December 2024. The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% in December, as initially estimated, unchanged from November. Considering the EU-harmonised, the CPI rose 3% on the year, in line with preliminary estimates, following a 3.2% increase in November. Monthly, the CPI rose by 0.3%, after a 0.2% increase in November; and the EU harmonized went up 0.3%, after being flat in the month before, both matching initial estimates.
2026-01-15