The National Statistics Institute (INE) reported that, according to its preliminary reading of the data, the Consumer Price Index (CPI) in Spain rose by 1.0% in March compared to February. The consensus among analysts expected a slightly higher rebound for this variable during the month, at 1.2%.
In year-on-year terms, Spain’s CPI rebounded by 3.3% in March (up from 2.3% in February), primarily due to the rise in prices for fuels and lubricants for personal vehicles. Also contributing, though to a lesser extent, were the decline in electricity prices—which was smaller than last year’s—and the increase in heating oil prices, which had fallen in March 2025. In this case, the analysts’ consensus expected a higher rebound of 3.7%.
Furthermore, and also according to the preliminary reading, the Harmonised Index of Consumer Prices (HICP) rose by 1.5% in March compared to February, an increase lower than the 2.1% expected by analysts. In year-on-year terms, Spain’s HICP rose by 3.3% (up from 2.5% in February), also falling short of the 3.9% expected by the consensus.
