FX.co ★ Spain’s Harmonised Inflation Eases Slightly to 4.9% in October

Spain’s Harmonised Index of Consumer Prices (HICP) edged down to 4.9% year-on-year in October 2026, from 5.0% in September, according to data updated on 30 October 2026. The figure reflects a modest easing in inflationary pressure when compared with the same month a year earlier.

The October reading, measured on a year-over-year basis against October of the previous year, shows that price growth remains elevated but is gradually moderating. The September 2026 indicator was similarly calculated as a year-over-year comparison, underscoring a slight downward trend in harmonised inflation as the final quarter of 2026 begins.

While the drop from 5.0% to 4.9% is small, it suggests that price increases in Spain, as captured by the EU-harmonised measure, may be starting to lose momentum, a development closely watched by markets and policymakers assessing the inflation path in the euro area’s fourth-largest economy.