Bankinter | CPI (preliminary) for February 2026 was 2.3% year-on-year, compared to the expected 2.2% and the previous 2.3%. Core CPI rose to 2.7% year-on-year, compared to 2.6% expected and 2.3% previously. In month-on-month terms, it rose to 0.4%, compared to 0.4% expected and a decline of 0.4% in January.
Bankinter analysis teams’ view: Inflation is slightly surprising due to the one-tenth rebound in the core rate, after three consecutive months at 2.6%, highlighting the greater pressure on prices linked to services and processed foods.
The overall rate remains at 2.3% year-on-year, contrary to expectations that it would continue to fall slightly, as fuel and food prices rose despite the decline in electricity prices. Our estimate is that inflation will trend towards 2.1% year-on-year at the end of the year (2.3% year-on-year on average for the year).
