Spain inflation rate accelerates in September

Spain’s annual inflation rate accelerated to 2.9% in September 2025, the highest in seven months, up from 2.7% in each of the previous two months but slightly below market expectations of 3%, according to preliminary estimates.

he rise was mainly driven by fuel and electricity prices, which declined less than they had in September 2024. On a monthly basis, the CPI fell 0.4%.

Meanwhile, core inflation eased to 2.3% from 2.4%. The EU-harmonised annual inflation rate climbed to 3% from 2.7%, marking its highest level since June 2024 and matching forecasts.

Month-on-month, the EU-harmonised CPI edged up 0.1%.