According to the National Statistics Institute (INE), Spain’s Consumer Price Index (CPI) rose by 0.4% in April compared to March, based on preliminary data. The FactSet analyst consensus had expected a slightly higher CPI increase of 0.6% for the month.
On an year-on-year basis (also according to preliminary readings), Spain’s CPI climbed 3.2% in April (down from 3.4% in March), which was also lower than the 3.4% projected by analysts. This deceleration in monthly inflation is primarily due to electricity prices, which decreased more significantly than in April 2025. Additionally, though to a lesser extent, tourist packages contributed to the slowdown; while their prices rose, they did so less sharply than in the same month last year.
Conversely, upward pressure came from the prices of fuels and lubricants for personal vehicles, which rose this month compared to a decline in April of last year.
Core inflation, which excludes unprocessed food and energy prices from its calculation, rose by 2.8% in April, slightly down from the 2.9% recorded in March.
Finally, the Harmonized Index of Consumer Prices (HICP), per April’s preliminary reading, rose 0.7% month-over-month and 3.5% year-over-year (up from 3.4% in March). In this instance, analysts had anticipated a 0.6% monthly increase and a 3.6% interannual rate.
