Inflation Spain 2024
Average inflation: 2.8%
Current Inflation
Inflation is normal at 2.8%, around the ECB target.
Peak and Trough
The highest inflation was in May at 3.6%. The lowest inflation was in September at 1.5%.
- Highest month
- May: 3.6%
- Lowest month
- September: 1.5%
- Difference
- 2.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Restaurants and hotels with an average of 4.8%. The lowest price increase was in Communication with an average of 0.0%.
- Highest increase
- Restaurants and hotels: 4.8%
- Lowest increase
- Communication: 0.0%
Historical Context
Current inflation is 0.7% lower than the 5-year average of 3.5%.
- 5-year average
- 3.5%
- 10-year average
- 2.1%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -0.5%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +0.8 percentage point.
- Change vs. previous year
- -0.8 percentage points
- Largest monthly swing
- February: -3.2 percentage points
ECB Target
Inflation is 0.8% 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 €102.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 3.4% | -2.5 |
| February | 2.8% | -3.2 |
| March | 3.2% | -0.1 |
| April | 3.3% | -0.8 |
| May | 3.6% | +0.4 |
| June | 3.4% | +1.5 |
| July | 2.8% | +0.5 |
| August | 2.3% | -0.3 |
| September | 1.5% | -2.0 |
| October | 1.8% | -1.7 |
| November | 2.4% | -0.8 |
| December | 2.8% | -0.3 |
| Average | 2.8% |
Data source
Data from OECD. Last updated: 13/01/2026.