Spain’s annual inflation rate stood at 3.2% in May 2026, unchanged from April and in line with the flash estimate. Stronger price growth in transportation (7.4% vs 6.5% in April) and in recreation, sport, and culture (2.6% vs 0.7%) was offset by weaker food inflation (2.2% vs 2.6%) and declining prices for clothing and footwear (-1.1% vs 1.4%).
The core inflation rate, which excludes volatile components such as food and energy, inched up to 2.9% from 2.8% in the previous month. Meanwhile, the EU-harmonized inflation rate rose slightly to 2.9% from 2.8% in April, also matching market expectations.
On a monthly basis, consumer prices increased 0.1%, easing from a 0.4% gain in April, while the harmonized index likewise grew 0.1%, following a 0.7% rise in the prior month. Both monthly readings were in line with preliminary estimates.
