Inflation in Spain
Harmonized consumer price inflation averaged 1.6% in the ten years to 2022. The 2022 average figure was 8.3%. For more inflation information, visit our dedicated page.
Spain Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Spain from 2013 to 2022.
Source: INE.
Spain Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 1.7 | 0.8 | -0.3 | 3.0 | 8.3 |
| Inflation (HICP, ann. var. %, eop) | 1.2 | 0.8 | -0.6 | 6.6 | 5.5 |
| Inflation (Core, ann. var. %, aop) | 0.9 | 0.9 | 0.7 | 0.8 | 5.2 |
| Inflation (PPI, ann. var. %, aop) | 3.0 | -0.4 | -4.3 | 17.3 | 35.5 |
Harmonized inflation rises further in October
Harmonized inflation rose to 3.5% in October from September’s 3.3%. A softer fall in prices for electricity was mainly behind the acceleration. The trend declined, with annual average harmonized inflation coming in at 3.9% in October (September: 4.2%). Meanwhile, core inflation fell to 5.2% in October from 5.8% in September. Lastly, harmonized consumer prices rose 0.26% in October over the previous month, following the 0.58% increase seen in the previous month.
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 34 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.