FX.co ★ Spain’s HICP Inflation Eases Slightly to 4.9% in October, Year-on-Year

Spain’s harmonised index of consumer prices (HICP) edged down to 4.9% year-on-year in October 2026, from 5.0% in the previous reading, according to the latest data updated on 13 November 2026. The figure measures price growth compared with the same month a year earlier.

The October reading indicates a marginal cooling of inflation pressures in Spain on a harmonised basis, which is used to ensure comparability across European Union member states. While the slowdown from 5.0% to 4.9% is modest, it suggests that price growth is stabilising after a period of elevated inflation.

Both the previous and current indicators for Spain are reported on a year-over-year basis, comparing October 2026 price levels with those of October in the prior year. This small deceleration will be closely watched by policymakers and markets assessing the trajectory of inflation and its implications for consumer purchasing power and monetary policy within the euro area.