FX.co ★ Spain Inflation Rate Confirmed at 3% in November

In November 2025, Spain's annual inflation rate stood at 3%, a slight decrease from October's 3.1%, and aligned with preliminary forecasts. The decline was primarily attributed to reduced inflation in the housing and utilities sector, where prices grew by 5.7% compared to 7.5% in the previous month, mainly due to lower electricity costs. Conversely, there was an acceleration in the prices of food and non-alcoholic beverages, which rose by 2.8%, up from 2.4%, driven by higher costs for oils, fats, milk, cheese, and eggs. Additionally, prices in the recreation and culture sector increased to 1.2% from 0.1%, largely due to more expensive package holidays. The core inflation rate, which excludes volatile items such as food and energy, reached a one-year peak of 2.6% in November 2025, compared to 2.5% in October. In terms of the EU-harmonised measure, the Consumer Price Index (CPI) increased by 3.2% on a yearly basis, surpassing earlier estimates of 3.1% and matching October's rate. On a monthly basis, the CPI rose by 0.2%, following a 0.7% increase in October, whereas the EU-harmonised CPI remained unchanged, contrasting with a 0.5% rise seen the previous month; both movements were in line with initial projections.