Spain’s Harmonised Index of Consumer Prices (HICP) rose to 5.0% year-over-year in September 2026, up from 4.6% in the previous month, according to data updated on 14 October 2026. The indicator measures price changes in Spain using a methodology harmonised across the European Union, allowing for direct comparison with other member states.
Both the current and previous readings are based on year-over-year comparisons, with the latest figure reflecting how prices in September 2026 compare with those in September a year earlier. The prior 4.6% reading was itself a year-over-year comparison for the previous month, indicating that inflationary pressures have strengthened further as the annual rate has moved higher.
The uptick to 5.0% suggests that inflation remains elevated and is gaining some momentum on an annual basis, potentially reinforcing expectations that price pressures are still embedded in the Spanish economy. Market participants and policymakers will likely watch upcoming releases closely to see whether this acceleration persists or begins to moderate in the coming months.