29.04.202607:16:40UTC+00Spain Inflation Rate Unexpectedly Slows to 3.2%

Spain’s annual inflation rate eased to 3.2% in April 2026 from 3.4% in March, coming in below market expectations of 3.4%, according to preliminary estimates. The slowdown in headline inflation was mainly driven by a sharper decline in electricity prices and a more moderate increase in package holiday prices compared with April 2025. These effects were partially offset by higher prices for fuels and lubricants for personal vehicles, reflecting tensions stemming from the conflict in the Middle East.

The core inflation rate, which excludes volatile components such as food and energy, inched down to 2.8% from 2.9% in the previous month. On a harmonised EU basis, however, the annual inflation rate accelerated to 3.5% in April 2026—the highest level since June 2024—from 3.4% in March.

Month-on-month, consumer prices rose 0.4%, following a 1.2% increase in March and undershooting forecasts of a 0.6% gain. By contrast, the harmonised index of consumer prices (HICP) climbed 0.7% on the month, slightly above the expected 0.6% rise.