FX.co ★ Spain’s Inflation Reaccelerates as July CPI Rises to 3.5% YoY

Spain’s consumer price inflation picked up in July 2026, with the year-over-year Consumer Price Index (CPI) increasing to 3.5%, up from 3.2% in June 2026. The latest data, updated on 30 July 2026, indicate a renewed acceleration in price pressures after a slight moderation in the previous month.

Both the June and July readings are calculated on a year-over-year basis, comparing each month’s price levels with the same month a year earlier. While June’s 3.2% figure suggested some stabilization, July’s move to 3.5% points to a fresh uptick in inflation momentum as the summer progresses.

The rise in the annual inflation rate will be closely watched by markets and policymakers, as persistent price growth above more moderate levels can influence expectations for interest rates, wage negotiations, and broader economic conditions in Spain over the coming months.