Inflation Spain 2026
Average inflation: 3.4%
Inflation in 2026
Inflation is high at 3.4%, well above the ECB target.
Peak and Trough
The highest inflation was in September at 4.9%. The lowest inflation was in January at 2.3%.
- Highest month
- September: 4.9%
- Lowest month
- January: 2.3%
- Difference
- 2.6 percentage points
- Months with data
- 9 of 12
Category Insights
The highest price increase was in Transport with an average of 5.6%. The lowest price increase was in Clothing and footwear with an average of -0.4%.
- Highest increase
- Transport: 5.6%
- Lowest increase
- Clothing and footwear: -0.4%
Historical Context
Inflation is 0.8 percentage points lower than the 5-year average of 4.2%.
- 5-year average
- 4.2%
- 10-year average
- 2.8%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -0.5%
Trend
Over the period 2024-2026, inflation has remained relatively stable. Compared to 2025, inflation has risen by 0.7 percentage points.
- Change vs. previous year
- +0.7 percentage points
- Largest monthly swing
- September: +1.9 percentage points
ECB Target
Inflation is 1.4 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 €103.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2026
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2025 |
|---|---|---|
| January | 2.3% | -0.6 |
| February | 2.3% | -0.7 |
| March | 3.4% | +1.1 |
| April | 3.2% | +1.0 |
| May | 3.2% | +1.2 |
| June | 3.2% | +0.9 |
| July | 3.6% | +0.9 |
| August | 4.3% | +1.6 |
| September | 4.9% | +1.9 |
| Average | 3.4% |
Data source
Data from OECD. Last updated: 26/10/2026. Not all months available yet.