Spain's annual inflation rate rose for the second straight month to 2.6% in August 2023 from 2.3% in July, matching market forecasts, preliminary estimates showed. The increase in overall inflation was mainly due to the rise in fuel prices and, to a lesser extent, liquid fuel prices, compared to the decreases in August 2022. Electricity prices also went up this month, although less than in August 2022. The annual core inflation, which strips out volatile fresh food and energy prices, eased to 6.1% in August, down from July's reading of 6.2%. The EU-harmonized inflation was at 2.4% in August, up from 2.1% in July but below market expectations of 2.5%. On a monthly basis, consumer prices inched up by 0.5% in August, after increasing by 0.1% in July and slightly above market estimates of a 0.4% rise. source: National Statistics Institute (INE)

Inflation Rate in Spain averaged 6.45 percent from 1955 until 2023, reaching an all time high of 28.43 percent in August of 1977 and a record low of -1.37 percent in July of 2009. This page provides the latest reported value for - Spain Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in Spain is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Inflation Rate is projected to trend around 2.20 percent in 2024 and 1.90 percent in 2025, according to our econometric models.

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Spain Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-08-11 07:00 AM Inflation Rate YoY Final Jul 2.3% 1.9% 2.3% 2.3%
2023-08-30 07:00 AM Inflation Rate YoY Prel Aug 2.6% 2.3% 2.6% 2.4%
2023-09-12 07:00 AM Inflation Rate YoY Final Aug 2.3% 2.6% 2.6%


Related Last Previous Unit Reference
Inflation Rate 2.60 2.30 percent Aug 2023
Inflation Rate MoM 0.50 0.10 percent Aug 2023
Consumer Price Index CPI 112.54 112.35 points Jul 2023
Harmonised Consumer Prices 120.03 120.13 points Jul 2023
Core Inflation Rate 6.10 6.20 percent Aug 2023
Core Consumer Prices 112.02 112.06 points Jul 2023
Producer Prices 148.90 148.70 points Jul 2023
Producer Prices Change -8.40 -8.00 percent Jul 2023
Food Inflation 10.84 10.33 percent Jul 2023
CPI Transportation 110.81 110.15 points Jul 2023
CPI Housing Utilities 102.82 102.74 points Jul 2023

Spain Inflation Rate
In Spain, the most important categories in the Consumer Price Index are: Foods & Non-alcoholic Beverages (23% of the total weight), Housing, Water, Electricity, Gas & Other Fuels (14%), Restaurants & Hotels (13%) and Transport (13%). The index also includes: Recreation & Culture (6%), Miscellaneous Goods & Services (6%), Clothing & Footwear (6%), Furnishings, Household Equipment & Routine Maintenance (6%), Health (4%), Communications (4%), Alcoholic Beverages & Tobacco (3%), and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.30 28.43 -1.37 1955 - 2023 percent Monthly
2011=100

News Stream
Spain Inflation Rate Quickens for 2nd Month
Spain's annual inflation rate rose for the second straight month to 2.6% in August 2023 from 2.3% in July, matching market forecasts, preliminary estimates showed. The increase in overall inflation was mainly due to the rise in fuel prices and, to a lesser extent, liquid fuel prices, compared to the decreases in August 2022. Electricity prices also went up this month, although less than in August 2022. The annual core inflation, which strips out volatile fresh food and energy prices, eased to 6.1% in August, down from July's reading of 6.2%. The EU-harmonized inflation was at 2.4% in August, up from 2.1% in July but below market expectations of 2.5%. On a monthly basis, consumer prices inched up by 0.5% in August, after increasing by 0.1% in July and slightly above market estimates of a 0.4% rise.
2023-08-30
Spain Inflation Rate Confirmed at 2.3%
Annual inflation rate in Spain increased to 2.3% in July 2023 from 1.9% in June which was the lowest reading since March 2021, matching the preliminary estimates. Cost of transport fell much less in July (-5.3% vs -7.6% in June), amid a rise in cost of fuels and lubricants for personal vehicles compared to the decline seen in July 2022. Also, prices were higher for clothing and footwear (2.1% vs 1.7%), recreation and culture (7.2% vs 5.2%), namely tourist packages. Prices for food and non-alcoholic beverages also rose at a faster pace (10.8% vs 10.3%) as cost for fruits and oils and fat have increased during the month, while they decreased in July 2022. On the other hand, cost for housing made the largest downward contribution (-14.9% vs -12.7%), mainly due to a fall in cost of electricity and natural gas, compared to a rise in July 2022. Meanwhile, annual core inflation rate edged higher to 6.2% from 5.9%.
2023-08-11
Spain Inflation Rate Unexpectedly Accelerates
Annual inflation rate in Spain unexpectedly edged higher to 2.3% in July 2023 from 1.9% in June which was the lowest reading since March 2021, and compared to market forecasts of 1.6%, preliminary estimates showed. The increase is mostly driven by a rise in prices of fuel while prices for clothing and footwear decreased less and cost of tourist packages rose more than in July of last year. On the other hand, prices for electricity and natural gas went down. Meanwhile, core inflation also accelerated to 6.2% from 5.9%. Compared to the previous month, consumer prices edged 0.1% higher.
2023-07-28