Spain Inflation Rate Stays at 2.3% in February, Tops Forecasts

Spain’s annual inflation rate stood at 2.3% in February 2026, unchanged from January and marking the lowest level in seven months, slightly above analysts' estimates of 2.2%. The ongoing stability in price growth was mainly supported by lower electricity prices compared with February 2025, partly offset by stronger increases in fuels and lubricants for personal vehicles, restaurants and accommodation services, and food and non-alcoholic beverages. The core inflation rate, which excludes volatile components like food and energy, inched up to 2.7% in February, the highest since August 2024, from 2.6% previously. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 2.4% increase in January, surpassing forecasts of 2.3%. Monthly, the CPI rose by 0.4% after a 0.4% decrease in January. The EU-harmonised index went up by 0.4%, following a 0.8% decline in January and sightly above estimates of a 0.3% rise.

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.

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.