Spain’s annual inflation rate climbed to 4.3% in August 2026, up from 3.6% in July, in line with preliminary estimates. This was the highest rate recorded since February 2023 and was largely driven by higher transport costs (9.5% vs. 6.2% in July), particularly sharp increases in diesel (30.3% vs. 15.7%) and petrol prices (16.9% vs. 7.3%), amid supply disruptions linked to the ongoing conflict in the Middle East.
Price growth also accelerated in housing and utilities (6.4% vs. 5.7%) and in food and non-alcoholic beverages (2.3% vs. 1.6%). On a monthly basis, the consumer price index (CPI) rose 0.7%, following a 0.3% increase in the previous month.
The EU-harmonized inflation rate was revised slightly upwards to 4.6% from an initial estimate of 4.5%, compared with 3.9% in July. This was likewise the highest reading since February 2023 and more than twice the European Central Bank’s 2% medium-term target. Meanwhile, core inflation, which excludes volatile items such as unprocessed food and energy, eased marginally to 2.9% in August from 3.0% in July.
