FX.co ★ Spain’s HICP Inflation Stalls in July, Slipping to 0.0% Month-on-Month\/title

Spain’s Harmonised Index of Consumer Prices (HICP) registered no change in July 2026, with the month-on-month rate coming in at 0.0%, according to data updated on 13 August 2026. This marks a clear cooling from the previous month’s pace, when the HICP rose 0.6% compared to the month before.

The latest reading indicates that price pressures, on a harmonised basis compared with other eurozone countries, have effectively paused over the month. In the prior comparison period, the 0.6% increase highlighted a faster build-up in prices from one month to the next, but July’s flat outcome suggests a more subdued short-term inflation dynamic for Spain.

The figures are based on a month-over-month comparison, meaning the current 0.0% rate reflects the change from June to July 2026, while the previous 0.6% figure tracked the shift from May to June. Investors and policymakers will now be watching upcoming releases to see whether July’s stagnation in harmonised prices is a temporary pause or the start of a more sustained moderation in inflation.\/body