Inflation in Spain

Spain Harmonized Inflation | Economic News & Forecasts

Spain - Harmonized Inflation

Harmonized inflation falls to lowest level since January in October

Harmonized inflation dropped to 7.3% in October, following September’s 9.0%. October's reading represented the weakest inflation rate since January. The moderation was broad-based, with reduced price pressures recorded for clothing and footwear, transportation, and housing and utilities.

The trend pointed up, with annual average harmonized inflation coming in at 8.3% in October (September: 8.2%). Meanwhile, consumer price inflation fell to 7.3% in October, from September’s 8.9%.

Lastly, harmonized consumer prices rose 0.05% in October over the previous month, contrasting the 0.25% decrease seen in September.

Commenting on the release, Wouter Thierie, economist at ING, stated:

“Cooling demand will continue to ease inflationary pressures as it will become more difficult for companies to pass on higher prices to the end customer. Although still historically high, the number of companies planning to raise prices further also shows a downward trend in a wide range of sectors. Price selling expectations only continue to edge higher in food and consumer goods. This shows that inflationary pressures will remain high in the coming months and only very gradually start to ease.”

FocusEconomics panelists expect harmonized inflation to average 7.0% in 2022, which is up 0.3 percentage points from the previous month’s projection. For 2023, panelists expect harmonized inflation to average 3.4%.

Spain - Harmonized Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (HICP, annual variation in %)-0.6  -0.3  2.0  1.7  0.8  

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Spain Harmonized Inflation Chart


Spain Inflation
Note: Annual variation of consumer price index (HICP) in %.
Source: National Statistical Institute (INE).

Spain Facts

Value Change Date
Bond Yield0.465.62 %Dec 31
Exchange Rate1.120.65 %Dec 31

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