Spanish Inflation Holds at 4.9% in October Despite 0.6% Monthly Price Rise
Key Facts
A preliminary reading from Spain’s National Statistics Institute showed annual consumer price inflation holding at 4.9% in October, the same rate recorded in September. Prices, however, rose 0.6% during the month compared with September, meaning the unchanged annual rate coincided with a monthly increase in the cost of the consumer basket. Annual core inflation, which excludes unprocessed food and energy products, was 3.1% in October. The reading leaves Spain facing a mix of monthly price pressures and an unchanged annual rate, while the figures remain estimates until final data are released. The institute is due to publish final October data on November 13.
The institute said falling prices for fuel and lubricants for private vehicles helped curb pressure, declining at a sharper pace than in October 2025. Prices for food and non-alcoholic beverages, and clothing, also rose at a slower pace than in the same month last year. These comparisons show that the slowdown included price increases in some categories, while falling fuel and lubricant prices provided downward pressure. In the opposite direction, prices for package holidays fell at a slower pace than in the previous October. The institute also said gas prices rose at a faster pace than last year, while liquid fuel prices increased after falling in the same month a year earlier.
Spain’s reading comes as the European Central Bank faces mixed risks to inflation and growth. The bank left its three key interest rates unchanged and said higher energy prices are raising inflation risks while also weighing on the growth outlook. Energy movements in Spain’s data are relevant in this context, including a sharper fall in motor fuel alongside rises in gas and liquid fuels compared with their paths a year earlier. Spain’s economy grew 0.6% in the third quarter, outpacing eurozone growth of 0.4% over the same period, according to the Associated Press. The European Central Bank will hold its next monetary policy meeting in Frankfurt on December 16 and 17, with a news conference scheduled for the second day.