Spain’s annual inflation rate was confirmed at 4.9% in October 2026, unchanged from September and remaining at its highest level since February 2023. The main upward pressures came from higher prices in recreation and culture (4.1% vs. 3.6% in September), largely driven by package holidays, and in housing and utilities (7.6% vs. 7.2%), mainly due to gas prices. Transportation costs stayed elevated but eased slightly (10.3% vs. 10.5%).
Core inflation, which excludes unprocessed food and energy products, stood at 3.1% for the second consecutive month, its highest level since March 2024. On a monthly basis, the consumer price index (CPI) increased by 0.6%, following a 0.3% rise in September, in line with earlier estimates. The EU-harmonised CPI rose 4.9% year-on-year and 0.5% month-on-month, compared with 5.0% and 0.6%, respectively, in the previous month, with both figures matching the preliminary readings.
