Spain Inflation Rate Confirmed at 3.2% in April

Spain recorded an annual inflation rate of 3.2% in April 2026, matching the flash estimate and below March’s 3.4%, the steepest since June 2024. The deceleration in inflation was largely driven by slower housing and utilities price growth (1.9% vs 3.7% in March), mainly because of electricity, following the Government’s anti-crisis package of 80 measures introduced in late March, including VAT reductions on fuel and measures to lower electricity bills. Recreation and culture (0.7% vs 2.4%) also played a role, reflecting cheaper package holidays. Meanwhile, transportation prices continued to rise (6.5% vs 5.3%). The core rate, which excludes volatile items such as food and energy, edged down to 2.8% from 2.9%. Conversely, the EU-harmonised annual rate accelerated to 3.5%, a new high since June 2024, in line with the earlier reading. Monthly, the CPI increased by 0.4%, easing from 1.2% in March, while the EU-harmonized CPI rose 0.7% from 1.7%, both consistent with preliminary figures.

Spain’s annual inflation rate eased to 3.2% in April 2026 from 3.4% in March which was the highest level since June 2024, coming in below forecasts of 3.4%, according to preliminary data. The slowdown was driven by a sharper decline in electricity prices, partly reflecting government measures to cushion the impact of the Iran war, alongside a more moderate increase in package holiday prices compared with April 2025. On the other hand, fuel and lubricant prices for personal vehicles continued to rise amid the conflict in the Middle East. Core inflation, which excludes volatile items such as food and energy, edged down to 2.8% from 2.9%. By contrast, the EU-harmonised annual rate accelerated to 3.5%, a new high since June 2024, up from 3.4% in March and in line with expectations. On a monthly basis, consumer prices rose 0.4%, slowing from 1.2% in March and below forecasts of 0.6%, while the harmonised index increased 0.7%, slightly above expectations of 0.6%, after a 1.7% rise in March.

Spain’s annual inflation rate was revised to 3.4% in March 2026, from an initial estimate of 3.3%, marking a sharp increase from 2.3% in February and the highest level since June 2024. The acceleration was largely by higher energy prices linked to the Iran conflict, lifting transport costs to 5.3% (vs 0.1%). Fuel prices rebounded sharply, with diesel rising 17.9% (vs -4.7%) and petrol 4.8% (vs -6.1%). Additional pressure came from housing and utilities (3.7% vs 1.9%), particularly electricity and liquid fuels, as well as clothing and footwear, due to the start of the spring-summer season. Meanwhile, the core inflation rate was at 2.9%, slightly higher than the preliminary estimate of 2.7%, marking the highest reading since June 2024. On a monthly basis, the CPI rose by 1.2%, exceeding the initial estimate of 1%, marking the steepest increase since June 2022. Meanwhile, the EU-harmonized CPI rose by 3.4% yoy; and increased by 1.7% over a month, both surpassing the earlier estimates.