Spain’s core Consumer Price Index (CPI) inched higher to 3.0% year-over-year in July 2026, up from 2.9% in June, according to data updated on 30 July 2026. The move marks a slight reacceleration in underlying inflation, which excludes volatile components, and comes after the indicator had eased to 2.9% in June on an annual comparison basis.
Both the current and previous readings are measured against the same month a year earlier, highlighting a modest but noteworthy pickup in price pressures beneath the headline inflation figures. The July uptick suggests that while Spain has made progress in cooling inflation compared with earlier peaks, underlying price dynamics remain somewhat sticky heading into the second half of 2026.
