FX.co ★ Spain Inflation Rate Confirmed at Over 3-1/2-Year High of 4.9%

Spain’s annual inflation rate was confirmed at 4.9% in September 2026, up from 4.3% in August and reaching its highest level since February 2023. Transportation was a major driver of the increase, with inflation in the category rising to 10.5% from 9.5%, reflecting, in part, higher prices for fuel and lubricants for personal vehicles. Price growth also accelerated sharply in recreation and culture, climbing to 3.6% from 1.2%, largely due to more expensive package holidays.

Core inflation, which excludes unprocessed food and energy products, edged up to 3.1% from 2.9% in August, its highest rate since March 2024. On an EU-harmonised basis, the annual inflation rate rose to 5% from 4.6% in August, also the highest since February 2023 and in line with the preliminary estimate.

Month on month, the consumer price index (CPI) increased by 0.3% in September, following a 0.7% gain in August, matching earlier estimates.