FX.co ★ Spain’s Monthly Inflation Momentum Halves in July as CPI Growth Slows to 0.3%

Spain’s inflation momentum eased in July, with the country’s Consumer Price Index (CPI) rising 0.3% month-over-month, down from a 0.6% increase previously recorded. The fresh data, updated on 13 August 2026, show that price pressures on a monthly basis have cooled notably compared with the earlier pace.

Both the current and previous readings refer to July 2026, but measure different month-on-month changes: the latest “actual” figure captures the change in prices over the most recent month, while the “previous” indicator reflects how prices moved in the month before that. The halving of the monthly growth rate from 0.6% to 0.3% suggests a moderation in short-term inflation dynamics as Spain enters the second half of the year.

For markets and policymakers, the weaker month-on-month CPI print may signal that recent price increases are losing steam. While the data do not provide detail on specific sectors driving the slowdown, the softer reading is likely to feed into expectations around the European Central Bank’s next policy steps and the broader inflation outlook for the Spanish economy.