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.

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Spain Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-12 07:00 AM Inflation Rate YoY Final Apr 4.1% 3.3% 4.1% 4.1%
2023-05-30 07:00 AM Inflation Rate YoY Prel May 3.2% 4.1% 3.5% 3.6%
2023-06-13 07:00 AM Inflation Rate YoY Final May 4.1% 3.2% 3.2%


Related Last Previous Unit Reference
Inflation Rate 3.20 4.10 percent May 2023
Inflation Rate MoM -0.10 0.60 percent May 2023
Harmonised Consumer Prices 119.38 119.61 points May 2023
Consumer Price Index CPI 111.69 111.77 points May 2023
Core Inflation Rate 6.10 6.60 percent May 2023
Core Consumer Prices 111.26 110.19 points Apr 2023
Producer Prices 149.50 152.50 points Apr 2023
Producer Prices Change -4.50 -1.40 percent Apr 2023
Food Inflation 12.90 16.50 percent Apr 2023
CPI Transportation 111.16 110.40 points Apr 2023
CPI Housing Utilities 102.23 104.14 points Apr 2023

Spain Inflation Rate
In Spain, the most important categories in the Consumer Price Index are: Foods & Non-alcoholic Beverages (23% of the total weight), Housing, Water, Electricity, Gas & Other Fuels (14%), Restaurants & Hotels (13%) and Transport (13%). The index also includes: Recreation & Culture (6%), Miscellaneous Goods & Services (6%), Clothing & Footwear (6%), Furnishings, Household Equipment & Routine Maintenance (6%), Health (4%), Communications (4%), Alcoholic Beverages & Tobacco (3%), and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
3.20 4.10 28.43 -1.37 1955 - 2023 percent Monthly
2011=100

News Stream
Spain Inflation Rate Slows to Near 2-Year Low
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.
2023-05-30
Spain Inflation Rate Confirmed at 4.1% in April
Spain's annual consumer price inflation was confirmed at 4.1% in April 2023, up from an over 1-1/2-year low of 3.3% in the prior month, as transportation prices rebounded slightly (0.6% vs -4.8% in March), of which fuels such as petrol (3.2% vs -12.6%) and as housing & utilities prices decreased at a slower pace (-10.8% vs -16.2%), on account of electricity (-36.2% vs -51.8%). Meanwhile, those of food & non-alcoholic beverages slowed down further (12.9% vs 16.5%), notably flours and other cereals (14.7% vs 24.9%), bread (9.3% vs 13.4%), poultry (6% vs 12.2%) and beef and veal (9.6% vs 13.1%). The annual core inflation, which strips out volatile fresh food and energy prices, was confirmed at a five-month low of 6.6% in April, down from 7.5% in March, as the energy shock fades. On a monthly basis, consumer prices increased by 0.6% in April, matching an earlier estimate, after a 0.4% rise in March, mainly driven by prices of clothing & footwear (+7.5%) amid the new spring-summer season.
2023-05-12
Spain Inflation Rate Accelerates to 4.1% in April
The annual consumer price inflation rate in Spain quickened to 4.1% in April 2023 from an over 1-1/2-year low of 3.3% in the prior month, though below market expectations of 4.4%, a preliminary estimate showed. This evolution was mainly due to the fact that the decrease in electricity prices was smaller compared to April 2022, and fuel prices rose after falling a year ago. Meanwhile, prices of food and non-alcoholic beverages slowed down. The annual core inflation, which strips out volatile fresh food and energy prices, was at a five-month low of 6.6% in April, down from 7.5% in March, as the energy shock fades. On a monthly basis, consumer prices increased by 0.6% in April, after a 0.4% rise in the prior month and below market forecasts of 0.9%.
2023-04-28