Latest reading: Consumer prices were flat year on year in June, contrasting May’s 0.1% year-on-year decline and market expectations for...
Inflation in Spain
Harmonized consumer price inflation averaged 1.9% in the ten years to 2024. The 2024 average figure was 2.9%. For more inflation information, visit our dedicated page.
Spain Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Spain from 2014 to 2024.
Source: Macrobond.
Spain Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -0.3 | 3.0 | 8.3 | 3.4 | 2.9 |
| Inflation (HICP, ann. var. %, eop) | -0.6 | 6.6 | 5.5 | 3.3 | 2.8 |
| Inflation (Core, ann. var. %, aop) | 0.7 | 0.8 | 5.2 | 6.0 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | -4.3 | 17.3 | 35.5 | -4.7 | -3.7 |
Harmonized inflation declines to lowest level since October 2024 in May
Latest reading: Harmonized inflation came in at 2.0% in May, down from April’s 2.2%. May's result represented the lowest inflation rate since October 2024. Looking at the details of the release, prices for transportation fell at a steeper rate. Moreover, prices for restaurants and hotels grew at a more subdued pace. That said, prices for food and non-alcoholic beverages increased at a quicker rate in May. Annual average harmonized inflation edged down to 2.5% in May (April: 2.6%). Meanwhile, consumer price inflation edged down to 2.0% in May from April’s 2.2%. Finally, harmonized consumer prices fell 0.03% in May over the previous month, contrasting April's 0.62% rise. May's result marked the lowest reading since January.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Spanish inflation projections for the next ten years from a panel of 36 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Spanish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Spanish inflation projections.
Want to get access to the full dataset of Spanish inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
-
Switzerland: Consumer prices are unchanged in June -
Peru: Inflation remains muted in June Latest reading: Inflation came in at 1.7% in June, matching May’s result and in line with the Central Bank’s 1.0–3.0%... -
Kazakhstan: Inflation increases to a near two-year high in June Latest reading: Inflation rose to 11.8% in June, above May’s 11.3%, marking the highest inflation rate since August 2023, and... -
Kenya: Inflation flatlines below midpoint of the target range in June Latest reading: Inflation was stable at May’s 3.8% in June, remaining below the midpoint of the Central Bank’s 2.5–7.5% target... -
Australia: Inflation nears target floor in May Latest reading: Inflation dropped to 2.1% in May after having stood at 2.4% for a third consecutive month in April.... -
Hong Kong: Inflation moderates in May Latest reading: Inflation fell to 1.9% in May from April’s 2.0%, due to weaker price pressures for food, transport and... -
Canada: Inflation remains on target in May Latest reading: Inflation came in at 1.7% in May, matching April’s reading and market expectations, and comfortably within the Central...