FX.co ★ Spanish HICP Rebounds to 0.6% MoM in August After Flat July Reading

Spain’s Harmonised Index of Consumer Prices (HICP) rose by 0.6% month-over-month in August 2026, marking a clear rebound from July’s stagnant 0.0% reading. The latest figure, updated on 28 August 2026, indicates a return of short-term price momentum after inflation had effectively paused in the previous month.

On a month-over-month basis, the “actual” August result is measured against July 2026, when prices showed no change versus June. In contrast, August’s 0.6% increase suggests renewed upward pressure on consumer prices within the euro-area harmonised framework, which is closely watched by both markets and policymakers for its comparability across EU member states.

The shift from flat prices in July to a notable rise in August may prompt closer scrutiny of Spanish inflation dynamics in the coming months, particularly in the context of broader eurozone monetary policy and expectations for near-term price stability.