Spain's consumer price inflation dropped to 3.2 percent in May 2023, down from 4.1 percent the month before and below market consensus of 3.5 percent, a preliminary estimate showed. The rate hit its lowest level since July 2021, even tough it remained above the European Central Bank's midpoint target of 2.0 percent. There was a decline in fuel prices and a smaller increase in cost for food and non-alcoholic beverages. The core inflation rate, which excluded volatile items such as energy and food, eased to 6.1 percent in May, the lowest since July 2021. source: National Statistics Institute (INE)
Inflation Rate in Spain averaged 6.46 percent from 1955 until 2023, reaching an all time high of 28.43 percent in August of 1977 and a record low of -1.37 percent in July of 2009. This page provides the latest reported value for - Spain Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Inflation Rate in Spain is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Inflation Rate is projected to trend around 2.20 percent in 2024 and 1.90 percent in 2025, according to our econometric models.