FX.co ★ Spain Inflation Rate Slows Less than Anticipated

The annual inflation rate in Spain decreased to 3% in November 2025, slightly down from 3.1% in the previous month, though it exceeded market expectations of 2.9%, based on preliminary data. This deceleration was primarily due to a decline in electricity prices, contrasting with the rise observed in November 2024. Concurrently, the decline in prices for recreation and culture was less pronounced than the previous year, and food and non-alcoholic beverage prices increased following last year’s decline, both contributing to upward pressure on prices. Moreover, the core inflation rate, which omits volatile elements such as food and energy, climbed for the second consecutive month to reach nearly a one-year peak of 2.6% in November, up from 2.5% in October. When assessed using the EU-harmonised Consumer Price Index (CPI), there was a 3.1% year-on-year increase in November, following a 3.2% rise in October, slightly surpassing market predictions of 2.9%. On a monthly basis, the CPI witnessed a 0.2% increase, after a 0.7% rise in October, while the EU-harmonised index remained unchanged, in contrast to a 0.5% gain in October and expert projections of a 0.2% decline.