Spain’s annual inflation rate was revised up to 3.4% in March 2026 from an initial estimate of 3.3%, a sharp rise from 2.3% in February and the highest level since June 2024. The acceleration was largely driven by higher energy prices related to the ongoing conflict in Iran, which pushed transport inflation to 5.3% (from 0.1% in February). Additional upward pressure came mainly from housing and utilities (3.7% vs 1.9%), particularly electricity (4.3% vs 0.3%), as well as clothing and footwear (2.6% vs -1.3%), reflecting the start of the spring–summer season.
Meanwhile, core inflation rose to 2.9% year-on-year, slightly above the preliminary estimate of 2.7% and also the highest rate since June 2024. On a monthly basis, the consumer price index (CPI) increased by 1.2%, surpassing the initial 1.0% estimate and marking the steepest monthly gain since June 2022.
