FX.co ★ Spain’s Harmonised Inflation Ticks Up to 3.8% in July, Ending Recent Cooling Trend

Spain’s Harmonised Index of Consumer Prices (HICP) accelerated in July 2026, with the year-over-year rate rising to 3.8%, up from 3.6% in June 2026. The latest reading, updated on 30 July 2026, indicates a modest reacceleration in price pressures after a previous month of relative easing.

The HICP figure is calculated on a year-over-year basis, comparing price changes in July 2026 with those in July 2025. Similarly, June’s 3.6% rate reflected the change versus June 2025. The uptick suggests that inflationary forces in Spain remain persistent, and may complicate hopes for a smoother disinflation path through the second half of the year.

With the harmonised measure used for cross-country comparison within the euro area, the July increase will be closely watched by investors and policymakers assessing Spain’s price dynamics relative to the broader European inflation picture.