Spain’s Harmonised Index of Consumer Prices (HICP) showed a marked slowdown in May 2026, with month-on-month inflation easing to 0.1%, down from 0.7% in the previous comparison period. The latest data, updated on 12 June 2026, indicate that price pressures in Spain have cooled significantly on a short-term basis.
The current 0.1% reading reflects the change in prices in May compared with April, while the prior 0.7% figure measured April’s price growth against March. This sharp deceleration suggests that the recent upward momentum in consumer prices has lost steam, potentially offering some relief to households and a signal of easing inflationary pressures for policymakers monitoring short-term trends in the Spanish economy.