FX.co ★ Spanish HICP Rebounds Into Positive Territory in February

Spain’s Harmonised Index of Consumer Prices (HICP) moved back into positive territory in February 2026, signaling a notable shift in short-term inflation dynamics.

On a month-over-month basis, the Spanish HICP rose by 0.4% in February 2026. This follows a sharp decline of -0.8% recorded in the previous comparison period, also in February 2026, when prices had fallen compared with the prior month. The latest reading indicates that, after a period of monthly price contraction, consumer prices in Spain have resumed moderate growth.

The updated data, released on 13 March 2026, highlight a clear turnaround in the month-on-month inflation trend, suggesting that the deflationary pressure seen in the earlier period has eased, at least temporarily, as price levels edge higher again.