FX.co ★ Spain Inflation Rate Stays at 2.3% in February, Tops Forecasts

Spain’s annual inflation rate was 2.3% in February 2026, unchanged from January and the lowest reading in seven months, coming in slightly above analysts’ expectations of 2.2%. The moderation was largely driven by lower electricity prices, in contrast to the increase recorded in February 2025. At the same time, stronger price growth for fuels and lubricants for personal vehicles, restaurant and accommodation services, and food and non-alcoholic beverages exerted upward pressure. On a harmonised basis using the EU methodology, the consumer price index rose 2.5% year-on-year, up from 2.4% in January and above the consensus forecast of 2.3%.