Spain’s core Consumer Price Index (CPI) in July 2026 edged up to 3.0% year-over-year, slightly above the previous reading of 2.9% recorded for the same comparison period. The latest data, updated on 13 August 2026, indicate a modest acceleration in underlying inflation pressures.
The core CPI figure compares price changes in July 2026 with those in July 2025, excluding volatile components such as energy and unprocessed food. The previous indicator also reflected a year-over-year comparison, measuring the change in the prior month against the same month a year earlier. The move from 2.9% to 3.0% suggests that, while underlying inflation remains relatively contained, it is no longer flat and warrants close monitoring by policymakers and market participants.
