FX.co ★ Spain’s Core Inflation Ticks Up to 3.1% in September, Reversing August Slowdown

Spain’s core Consumer Price Index (CPI) accelerated to 3.1% year-over-year in September 2026, edging up from 2.9% recorded in August 2026. The latest reading, updated on 29 September 2026, signals a modest reacceleration in underlying price pressures after a brief easing in the previous month.

The core CPI figure compares price changes in September 2026 with the same month a year earlier, excluding typically volatile components. In August, the year-over-year comparison had pointed to a slower pace of core inflation, but September’s data suggests that underlying inflationary dynamics remain resilient rather than continuing to cool.

The shift from 2.9% to 3.1% will likely draw attention from market participants and policymakers monitoring Spain’s inflation trajectory, as it may complicate expectations for a smoother disinflation path in the coming months.