Inflation Spain 2023
Average inflation: 3.6%
Current Inflation
Inflation is high at 3.6%, well above the ECB target.
Peak and Trough
The highest inflation was in February at 6.0%. The lowest inflation was in June at 1.9%.
- Highest month
- February: 6.0%
- Lowest month
- June: 1.9%
- Difference
- 4.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 11.8%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -10.8%.
- Highest increase
- Food and non-alcoholic beverages: 11.8%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -10.8%
Historical Context
Current inflation is 0.5% higher than the 5-year average of 3.1%.
- 5-year average
- 3.1%
- 10-year average
- 1.8%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -0.5%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-4.8 percentage point).
- Change vs. previous year
- -4.8 percentage points
- Largest monthly swing
- July: -8.5 percentage points
ECB Target
Inflation is 1.6% 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 €103.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 5.9% | -0.2 |
| February | 6.0% | -1.6 |
| March | 3.3% | -6.5 |
| April | 4.1% | -4.2 |
| May | 3.2% | -5.5 |
| June | 1.9% | -8.3 |
| July | 2.3% | -8.5 |
| August | 2.6% | -7.9 |
| September | 3.5% | -5.4 |
| October | 3.5% | -3.8 |
| November | 3.2% | -3.6 |
| December | 3.1% | -2.6 |
| Average | 3.6% |
Data source
Data from OECD. Last updated: 11/01/2026.