🇪🇸Spain inflation rate
released 19 Aug 2026 · data through July 2026 · next release expected 31 Aug 2026
Spain joined the euro at its launch in 1999. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 3.9% as of July 2026. That is 1.9 percentage points above the ECB's 2% target, and 0.9 points above the eurozone average of 3.0%.
The breakdown shows core (excluding energy and food) at 3.7%, energy at 10.2%, food at 1.8% and services at 4.2%. The strongest pressure is in energy (10.2%), while food is the softest (1.8%).
Month on month the headline rose from 3.6% to 3.9%, extending the climb.
Spain ranks number 6 of 30 European economies by annual inflation, from highest to lowest, between Cyprus and Belgium.
Spain's harmonised inflation is 3.9% as of July 2026 — abovethe European Central Bank's 2% target by 1.9 percentage points.
Compare with the rest of Europe on the European inflation ranking →
Frequently asked questions
- What is Spain's current inflation rate?
- Spain's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 3.9% as of July 2026.
- Is Spain's inflation above or below the ECB's 2% target?
- At 3.9%, it is 1.9 percentage points above the European Central Bank's 2% target.
- How does Spain's inflation compare with the rest of Europe?
- Spain ranks number 6 of 30 European economies by inflation, 0.9 points above the eurozone average of 3.0%.
- Did Spain's inflation rise or fall last month?
- Month on month, the headline rate rose from 3.6% to 3.9% in July 2026.