FX.co ★ Spain’s Harmonised Inflation Ticks Up to 3.9% in July, Reversing Prior Slowdown

Spain’s Harmonised Index of Consumer Prices (HICP) accelerated to 3.9% year-over-year in July 2026, up from 3.6% in the previous reading, according to data updated on 13 August 2026. The figure, measured on a harmonised basis to allow comparison across the euro area, signals a renewed uptick in inflationary pressure after a prior slowdown.

Both the current and previous indicators are based on year-over-year comparisons, with each July figure measured against the same month a year earlier. The latest increase suggests that price growth gained momentum over the month, potentially complicating expectations for a smoother disinflation path in Spain and adding another data point for policymakers and markets monitoring inflation trends across the eurozone.