Spain’s annual inflation rate held steady at 4.9% in October 2026, unchanged from September and in line with market expectations, according to preliminary estimates. Even so, inflation remains at its highest level since early 2023, largely reflecting the impact of the war in the Middle East.
The main upward pressure on prices comes from package holidays, whose costs are declining less sharply than in October of the previous year. Gas prices are also rising more strongly than a year ago, and liquid fuel prices are increasing after having fallen in the same month last year.
By contrast, prices for fuels and lubricants for personal transport are dropping more sharply than in October 2025. In addition, food and non-alcoholic beverages, as well as clothing, are exerting a moderating effect on inflation, as their prices are increasing more slowly than in October 2025. On a monthly basis, the consumer price index (CPI) rose by 0.6%.
