Spain’s Harmonised Index of Consumer Prices (HICP) accelerated sharply in March 2026, rising to 1.5% month-over-month from 0.4% in February, according to data updated on 27 March 2026. The reading signals a marked pick-up in price pressures after the relatively subdued increase recorded at the start of the year.
The comparison is made on a month-over-month basis, with the March figure reflecting the change from February 2026, while February’s 0.4% gain was measured against January 2026. This shift suggests that the disinflationary momentum seen earlier in the year has moderated, with March showing stronger underlying price dynamics.
The increase in Spain’s HICP, which is harmonised to allow comparison across EU member states, may draw closer scrutiny from policymakers and markets watching for signs of renewed inflation pressure across the euro area. Further releases in the coming months will clarify whether March marks a one-off rebound or the start of a more persistent uptrend in consumer price growth.
