FX.co ★ Spain Inflation Rate Surges to Nearly 2-Year High

Spain’s annual inflation rate accelerated to 3.3% in March 2026, its highest level since June 2024, up from 2.3% in February and below market expectations of 3.7%, according to preliminary estimates. The rise was largely driven by higher prices for fuels and lubricants for personal vehicles, reflecting the impact of the conflict with Iran. Electricity prices also pushed inflation up, as their decline was smaller than a year earlier, while heating oil prices increased after having fallen in March 2025. Core inflation, which excludes food and energy, came in at 2.7%. On a harmonised EU basis, annual inflation rose to 3.3% from 2.5%, undershooting forecasts of 3.9%. Month-on-month, consumer prices advanced 1% after a 0.4% increase in February, below expectations of a 1.2% rise, while the harmonised index climbed 1.5% following a 0.4% gain.