FX.co ★ Spain’s Harmonised Inflation Accelerates to 5.0% in September, Hitting New 2026 High

Spain’s harmonised index of consumer prices (HICP) rose to 5.0% year-over-year in September 2026, up from 4.6% in August, according to data updated on 29 September 2026. The September reading marks a further acceleration in inflationary pressures, as measured against the same month a year earlier.

The August figure of 4.6% had already reflected a robust pace of price growth compared with August 2025. September’s 5.0% print underscores that inflation momentum has strengthened on a year-over-year basis, rather than easing, into the end of the third quarter.

Because the HICP is harmonised across the euro area, Spain’s latest numbers will feed directly into broader eurozone inflation assessments and may influence expectations around the European Central Bank’s policy stance, even as markets weigh how persistent the current price dynamics will prove into the final quarter of 2026.