Inflation in Spain

The main articles are:

• Economy of Spain
• Inflation

2026: Inflation eased to 2.4% in January

According to the National Institute of Statistics (INE), in January 2026, the inflation rate in Spain dropped to 2.4%. This is the sharpest decline in the last 10 months: price growth has slowed, approaching the target level of the European Central Bank (2%).

The main driver of the decline is energy. Although electricity rose in January, growth was weaker than last year, and automotive fuel fell in price compared to January 2025.

At the same time, core inflation has been holding at 2.6% for the third month in a row, which suggests that prices for food and services do not decrease, or continue to rise.

After Spain ended 2025 with the highest average inflation among major eurozone economies (2.7%), the authorities are trying to combine high economic growth with more stable prices.

Among the factors that could further help Spain reduce inflation in the coming months, economists cite a weakening dollar against the euro: a cheaper American currency reduces the cost of oil and gas imports.

2025

2024

Inflation for 5 years 19%

Accumulated inflation over 5 years in the G-20 countries at the end of 2024:

Argentina: 13,910%

Turkey: 734%

Russia: 46%

Brazil: 35%

India: 34%

Mexico: 31%

South Africa: 28%

Britain: 25%

Holland: 24%

US: 23%

Australia: 21%

Germany: 21%

Spain: 19%

Canada: 19%

Italy: 18%

Singapore: 17%

France: 15%

South Korea: 15%

Indonesia: 15%

Saudi Arabia: 13%

Japan: 9%

Switzerland: 6%

China: 6%

Inflation 3.8% in February

Consumer prices in Spain rose 3.8% YoY in May 2024; forecast 3.7%

Inflation in Spain has been rising for the third month, as the curtailment of state support to contain the energy crisis continues to lead to higher prices.

Earlier in February 2024, inflation fell to 2.9%, but exceeded forecasts.

2023: Down to 2.4%

Consumer prices in Spain rose 3.2% in September 2023 from the previous year.

Earlier, inflation in Spain fell sharply due to lower energy costs. Consumer prices rose 3.1% year-over-year in March 2023; forecast. 3.7%.

Core inflation, however, which does not include volatile items such as fuel and fresh produce, declined only slightly, to 7.5%.

2022

Decrease in October to 7.3%

Annual inflation in Spain slowed to 7.3% in October 2022 against 8.9% in September.

Data for November 2022

July's rise to 10.8% is a record since 1984.

Inflation in Spain rose in July 2022 to 10.8% year-on-year due to rising food, drink and electricity prices, marking the highest level since September 1984.

Инфляция в странах Europe 2022
UK data - June, July inflation - 10.1%

Inflation in June - 10.2%

Inflation  in Spain, calculated according to EU standards, in June 2022 amounted to 10.2% in annual terms. This is the maximum in 37 years. The reason is the rise in fuel prices.

Consumer price growth in May by 8.5%

Consumer prices in Spain jumped 8.5% in May, with economists expecting 8.3%.

Slowdown in inflation growth in April to 8.3%

in Inflation Spain slowed to 8.3% in April.

Inflation in March - 9.8% - a record since May 1985.

Inflation in Spain exceeded all forecasts, with prices jumping 9.8% in March 2022 - the highest since May 1985.

Consumer prices rise more than 7% in February

Consumer prices in February 2022 in Spain increased by more than 7% compared to last year.

ECB officials warn that the current situation is likely to continue for a long time.

2021

Inflation rises to a record 6.7% in 30 years

Inflation in Spain has reached its highest level in nearly three decades, causing concern on a continent struggling with rising energy prices.

Inflation in Spain in December 2021 accelerated to 6.7%, the fastest pace since 1992. The main growth factors were electricity and food.

Inflation in October - 5.5%

The inflation rate in October 2021 jumped to 5.5%, the highest since 1992.

ECB officials say the spike in inflation is temporary.

Inflation in Italy, Germany and Spain

See also

• Inflation in Russia