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Macro EconomyMedium•13 November 2026•
2 min read

Spain Holds October Inflation at 4.9% Year on Year as Prices Rise 0.6% Monthly

Key Facts

1Spain’s annual inflation was 4.9% in October, the same level recorded in September.
2Spain’s consumer price index rose 0.6% month on month in October.
3Annual core inflation held at 3.1% in October.
4Harmonized inflation was 4.9% year on year in October, down a tenth of a percentage point from September.

Spain’s annual inflation rate held at 4.9% in October, unchanged from September, according to an update from the National Statistics Institute released on November 13. The institute said October’s annual consumer price index rate was "4.9%, the same rate recorded in September." The overall index rose 0.6% month on month in October. That puts the monthly reading alongside a steady annual rate: the former compares price changes between consecutive months, while the latter measures them over a year. The update also kept annual core inflation at 3.1% in October.

The final figures follow the institute’s preliminary estimate, released on October 30, which put annual inflation in October at 4.9%, equal to September’s level, and core inflation at 3.1%. The November 13 update retained both rates, confirming the preliminary estimates for headline and core inflation. In its preliminary estimate, the institute said lower prices for fuel and lubricants for private vehicles put downward pressure on inflation. It said prices in this category were "falling at a steeper rate than in October 2025." The preliminary estimate also said food and clothing prices rose more slowly than in October 2025.

According to the institute, Spain’s annual harmonized consumer price index rate was 4.9% in October, down a tenth of a percentage point from the previous month. The index is intended to provide a common measure of inflation for international comparison, according to the institute. The national consumer price index, meanwhile, measures the short-term evolution of prices for goods and services purchased by households resident in Spain. In October 2025, the annual inflation rate was 3.1%, core inflation was 2.5%, and the overall index rose 0.7% month on month. These figures from a year earlier show that October 2026 rates were higher year on year, while the monthly change in October 2025 was greater than the October 2026 reading.

In detail, clothing and footwear prices rose 8.2% month on month in October 2025, while food and non-alcoholic beverage prices increased 1.4%. Housing prices also rose 0.9% that month. The institute attributed the rise in housing to higher electricity prices and, to a lesser extent, gas. These figures remain a historical comparison for October 2025, while the latest update set annual inflation in October 2026 at 4.9%. The ZEW economic sentiment index is scheduled for release on November 17, 2026, at 11:05 a.m. Frankfurt time.