Inflation Spain 2022
Average inflation: 8.4%
Current Inflation
Inflation is very high at 8.4%, far above the ECB target.
Peak and Trough
The highest inflation was in July at 10.8%. The lowest inflation was in December at 5.7%.
- Highest month
- July: 10.8%
- Lowest month
- December: 5.7%
- Difference
- 5.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 16.1%. The lowest price increase was in Communication with an average of -1.3%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 16.1%
- Lowest increase
- Communication: -1.3%
Historical Context
Current inflation is 5.7% higher than the 5-year average of 2.7%. This approaches the highest level since records began (8.4% in 2022).
- 5-year average
- 2.7%
- 10-year average
- 1.6%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +5.3 percentage point.
- Change vs. previous year
- +5.3 percentage points
- Largest monthly swing
- March: +8.5 percentage points
ECB Target
Inflation is 6.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €108.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 6.1% | +5.6 |
| February | 7.6% | +7.6 |
| March | 9.8% | +8.5 |
| April | 8.3% | +6.1 |
| May | 8.7% | +6.0 |
| June | 10.2% | +7.5 |
| July | 10.8% | +7.9 |
| August | 10.5% | +7.2 |
| September | 8.9% | +4.9 |
| October | 7.3% | +1.9 |
| November | 6.8% | +1.3 |
| December | 5.7% | -0.8 |
| Average | 8.4% |
Data source
Data from OECD. Last updated: 13/01/2026.