Spain Inflation Rate Surges to Nearly 2-Year High

The annual inflation rate in Spain steadied at 4.9% in October 2026, the same as in September and in line with market expectations, according to preliminary estimates. Nevertheless, inflation remains at levels last seen in early 2023, driven by the effects of the war in the Middle East on energy prices. In October, the largest upward pressure came from prices for package holidays which are falling less sharply than in October last year. Gas prices are also rising more sharply than a year ago, while liquid fuels are increasing. In contrast, fuels and lubricants for personal transport are falling more sharply and food and non-alcoholic beverages and clothing rose at a slower pace than in October 2025. Annual core inflation rate also steadied at 3.1%. Compared to the previous month, the CPI increased 0.6%, after a 0.3% gain in September. The EU-harmonised CPI rose 4.9% on the year and 0.5% on the month, below 5% and 0.6% in the previous month.

Spain’s annual inflation rate was confirmed at 4.9% in September 2026, its highest since February 2023, up from 4.3% in August. Transportation was a key contributor to the acceleration, with inflation climbing to 10.5% from 9.5%, reflecting higher fuel and lubricant prices for personal vehicles. Meanwhile, price growth accelerated significantly for recreation and culture (3.6% vs 1.2%), due to package holidays. Upward pressure also came from housing & utilities (7.2% vs 6.4%) and food & non-alcoholic beverages (2.7% vs 2.3%). Meanwhile, core inflation, excluding unprocessed food and energy products, inched up to 3.1% from 2.9% in August, reaching the highest level since March 2024. Considering the EU-harmonised CPI, the annual inflation rate quickened to 5% from 4.6% in August, marking the highest reading since February 2023 and matching preliminary estimates. Compared to the previous month, the CPI rose by 0.3%, following a 0.7% increase in August, in line with early estimates.

Spain’s annual inflation rate accelerated to 4.9% in September 2026, its highest level since February 2023, up from 4.3% in August and the 4.7% forecast, according to preliminary estimates. The acceleration was driven mainly by higher prices for fuel and lubricants for personal vehicles, which increased in September 2026 compared with a decline in the same month of 2025. It was also influenced by tour packages, whose prices fell less sharply than they did in September 2025. Compared to the previous month, the CPI rose 0.3%, following a 0.7% gain in August. Meanwhile, core inflation went up to 3.1% from 2.9%, reaching the highest level since March 2024. Considering the EU-harmonised CPI, annual inflation rate topped 5%, the highest reading since February 2023, compared to 4.6% in August. Compared to the previous month, the CI went up 0.6% after a 0.7% rise.