Spain’s harmonised inflation rate moved into negative territory in July 2026, with the Harmonised Index of Consumer Prices (HICP) falling by 0.1% month-over-month, according to data updated on 30 July 2026. The reading marks a sharp slowdown from June 2026, when prices rose 0.6% on a month-over-month basis.
The move from a 0.6% increase in June to a 0.1% decline in July underscores a notable cooling in short-term price pressures. On a month-over-month comparison, the July figure reflects not just a deceleration, but an outright reversal in momentum, suggesting that the inflation pulse in Spain is weakening compared with early summer conditions.
With the current HICP print benchmarked against the previous month’s performance, the data highlight a softer price environment that could influence expectations for consumer spending, wage negotiations and monetary policy assessments for Spain within the euro area framework.
