La sagrada familia in Spain

Spain Inflation

Spain Inflation

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 2014 to 2023.
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 stable in December

Harmonized inflation remained unchanged at November’s 3.3% in December. December saw another decline in housing prices as well as a softer increase in prices for food and non-alcoholic beverages. The trend declined, with annual average harmonized inflation coming in at 3.4% in December (November: 3.6%). Meanwhile, core inflation fell to 3.8% in December from 4.5% in November, marking the lowest print since March 2022. Lastly, harmonized consumer prices were unchanged in December over the previous month, following the 0.53% decrease seen in November.

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 32 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

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