FX.co ★ Spain’s Core Inflation Eases to 2.9% in August, Slipping Below July Reading

Spain’s core Consumer Price Index (CPI) edged down to 2.9% year-over-year in August 2026, from 3.0% in July 2026, according to data updated on 28 August 2026. The figure reflects the change in prices excluding volatile components, compared with the same month a year earlier.

The slight deceleration suggests underlying price pressures in Spain continued to moderate over the summer. While the move from 3.0% to 2.9% is modest, it indicates a gradual cooling trend in core inflation on an annual basis, which is closely watched by policymakers and markets as a gauge of persistent inflation dynamics.

The August reading, being a year-over-year comparison, underscores that price growth in the core basket is still elevated relative to long-term targets, but the marginal decline from July may be seen as a tentative positive sign for the inflation outlook going into the latter part of 2026.