FX.co ★ Spain Inflation Rate Above Forecasts

Spain’s annual inflation rate accelerated to 4.9% in September 2026, its highest level since March 2023, up from 4.3% in August and above the 4.7% market forecast, according to preliminary estimates. The pickup was driven mainly by higher prices for fuel and lubricants for private vehicles, which rose in September 2026 after having declined in the same month of 2025. It was also supported by tour packages, whose prices fell less sharply than they did in September 2025.

On a monthly basis, the CPI increased 0.3% in September, following a 0.7% rise in August. Core inflation edged up to 3.1% from 2.9%, reaching its highest level since March 2024.

Looking at the EU-harmonised index of consumer prices (HICP), the annual inflation rate exceeded 5%—its highest reading since February 2023—compared with 4.6% in August. Month over month, the HICP rose 0.6% after a 0.7% increase in the previous month.