FX.co ★ Spain Inflation Accelerates to 4.3% in August

Spain’s annual inflation rate rose to 4.3% in August 2026, up from 3.6% in July and slightly above market expectations of 4.2%, according to a preliminary estimate. This marked the highest rate since February 2023 and was driven largely by higher energy prices, following an escalation in US-Iran tensions that pushed up crude oil prices. The EU-harmonized inflation rate also increased, reaching 4.5%—its highest level since early 2023 and more than twice the European Central Bank’s 2% medium-term target. In contrast, core inflation, which excludes volatile items such as unprocessed food and energy, eased slightly to 2.9% in August.