Spain Inflation Rate Holds at 3.2% as Expected

Spain's annual inflation rate remained unchanged at 3.2% in June 2026, matching the readings in May and April and meeting market expectations, according to preliminary estimates. Upward pressure came from electricity and gas prices, which increased more sharply than they did in June 2025. In contrast, motor fuels and lubricants for personal vehicles helped moderate inflation, as their prices declined compared with the increase recorded a year earlier. Meanwhile, the core inflation rate eased to 2.9% from an upwardly revised 3.0% in May. On a monthly basis, the CPI rose 0.6%, following a 0.1% rise in May. Considering the EU-harmonised CPI, the annual inflation rate also steadied at 3.6% and the monthly rate also increased to 0.6% from 0.1%.

Spain's annual inflation rate was at 3.2% in May 2026, unchanged from the prior month and matching the preliminary estimate. Upward pressure from prices of transportation (7.4% vs 6.5% in April) and recreational activities, sport, and culture (2.6% vs 0.7%) was counterbalanced by softer food inflation (2.2% vs 2.6%) and falling clothing and footwear prices (-1.1% vs 1.4%). The core inflation rate, which excludes volatile items such as food and energy, ticked higher to 2.9% from 2.8% in the prior month. Meanwhile, the EU-harmonized annual rate edged up to 2.9% from 2.8% in April, also in line with expectations. On a monthly basis, consumer prices edged up 0.1%, down from a 0.4% increase in April, and the harmonized index also increased 0.1%, after a 0.7% rise in the month before, both matching early estimates.

Spain’s annual inflation rate stood at 3.2% in May 2026, matching April's reading and below the expected 3.4%, preliminary data showed. Prices of transport and recreational, sporting and cultural activities exerted upward pressure as declines were smaller than in May 2025, but this was more than offset by falling clothing and footwear prices and by stable food and non-alcoholic beverage prices compared with last year. The core inflation rate, which excludes volatile items such as food and energy, ticked higher to 2.9% from 2.8% in the prior month. Meanwhile, the EU-harmonized annual rate rose further to 3.6%, a new high since June 2024, up from 3.5% in April and in line with expectations. On a monthly basis, consumer prices edged up 0.1%, down from a 0.4% increase in April and slightly below forecasts of a 0.2% rise, and the harmonized index also increased 0.1%, after a 0.7% rise in April and below the expected 0.2% uptick.