Inflation Spain 2003
Average inflation: 3.0%
Inflation in 2003
Inflation is high at 3.0%, well above the ECB target.
Peak and Trough
The highest inflation was in February at 3.8%. The lowest inflation was in October at 2.6%.
- Highest month
- February: 3.8%
- Lowest month
- October: 2.6%
- Difference
- 1.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Education with an average of 4.9%. The lowest price increase was in Communication with an average of -2.6%.
- Highest increase
- Education: 4.9%
- Lowest increase
- Communication: -2.6%
Historical Context
Inflation is around the 5-year average of 3.3%. This approaches the lowest level since records began (3.0% in 2003).
- 5-year average
- 3.3%
- 10-year average
- 3.3%
- All-time high (2001)
- 3.6%
- All-time low (2003)
- 3%
Trend
Over the period 2001-2003, inflation has remained relatively stable. Compared to 2002, inflation has fallen by 0.1 percentage points.
- Change vs. previous year
- -0.1 percentage points
- Largest monthly swing
- February: +1.5 percentage points
ECB Target
Inflation is 1.0 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103 next year at this inflation rate.
Multi-year trend
Monthly figures 2003
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2002 |
|---|---|---|
| January | 3.7% | +1.2 |
| February | 3.8% | +1.5 |
| March | 3.7% | +1.0 |
| April | 3.1% | -0.5 |
| May | 2.7% | -0.8 |
| June | 2.7% | -0.5 |
| July | 2.8% | +0.6 |
| August | 3.0% | +0.7 |
| September | 2.9% | +0.2 |
| October | 2.6% | -1.2 |
| November | 2.8% | -1.2 |
| December | 2.6% | -1.4 |
| Average | 3.0% |
Data source
Data from OECD. Last updated: 13/01/2026.