Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
Inflation in Spain
Harmonized consumer price inflation averaged 1.9% in the ten years to 2024. The 2024 average figure was 2.9%. For more inflation information, visit our dedicated page.
Spain Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Spain from 2014 to 2025.
Source: Macrobond.
Spain Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -0.3 | 3.0 | 8.3 | 3.4 | 2.9 |
| Inflation (HICP, ann. var. %, eop) | -0.6 | 6.6 | 5.5 | 3.3 | 2.8 |
| Inflation (Core, ann. var. %, aop) | 0.7 | 0.8 | 5.2 | 6.0 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | -4.3 | 17.3 | 35.5 | -4.7 | -3.7 |
Inflation accelerates in September from August
Latest reading: Harmonized consumer prices increased 3.0% in annual terms in September, following a 2.7% rise in the previous month. Relative to the prior month's figures, there were higher price pressures for food and non-alcoholic beverages (+2.4% on a year-on-year basis vs +2.3% in August), transportation (+2.4% vs +1.5% in August), housing and utilities (+7.0% vs +5.9% in August) and recreation (+0.9% vs +0.8% in August). Finally, the variation in restaurants and hotels prices was the same as in the prior month (+4.4% in September and August). Meanwhile, consumer prices rose 3.0% in September, following a 2.7% rise in the prior month. Lastly, harmonized consumer prices increased 0.23% in September in month-on-month terms, following a flat reading in the previous month.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Spanish inflation projections for the next ten years from a panel of 33 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Spanish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Spanish inflation projections.
Want to get access to the full dataset of Spanish inflation forecasts? Send an email to info@focus-economics.com.
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